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Reverse Mortgages

Reverse Mortgages have become a major factor in the world of mortgage finance and retirement strategies. Reverse Mortgage loan volume increased by more than 109% from 2005 to 2006. Reverse Mortgages are gaining in popularity as the population ages as seniors need more income for their retirement years.

With a Reverse Mortgage you can:

• Pay off your existing mortgage
• Take cash out up-front
• Realize monthly income for life
• Obtain a home equity line
• Or any combination of the above

Who is Eligible?

There are no income or credit requirements for a Reverse Mortgage! If you (and your spouse) are at least 62 years of age and live in your own home and have sufficient equity you qualify.

There are no restrictions on the use of your Reverse Mortgage proceeds. You can use the funds for:

• Home repairs and renovations
• Travel
• Auto repairs or a new car
• Health care
• Your grandchildren’s education
• Any purpose

Additional Benefits of a Reverse Mortgage

• You never have to leave your home or make payments on a mortgage
• You may use the funds for any purpose
• All of the income is tax-free
• The loan is not repaid until the last spouse permanently moves out
• Repayment can never exceed the value of your home

Are there different types of Reverse Mortgages?

Yes. The most popular is the federally insured Home Equity Conversion Mortgage (HECM). However a conventional Reverse Mortgage may provide more money to you depending upon the equity you have in your home. You can use Reverse Mortgages for purchase or refinancing, depending upon the type of Reverse Mortgage that you select.

How much money can I receive?

The amount that you can get depends solely upon your age and the amount of equity in your home and the size of your mortgage (if any). The older you are the more funds you are able to obtain. Click here to find out about how much you can obtain with a new Reverse Mortgage.

Our Reverse Mortgage calculator provides useful estimates only. You may be eligible for more funds than shown. By calling today we can determine exactly how much you are money you can receive from your Reverse Mortgage

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