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A Reverse Loan Could Mean the Difference Between Enjoying Your Retirement, Or Dreading it!

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A Reverse Mortgage allows homeowners over the age of 62 to safely borrow against the home equity in their home.

More importantly, a reverse mortgage does not have to be repaid until you move out, sell your home, or pass away. At that time, your heirs or trustee estate has approximately 1 year to sell or refinance your home to pay off the balance and the remaining equity is distributed according to your will or living trust. Should your home sells for less than the balance owed on your reverse mortgage, the deficit is covered by the FHA mortgage insurance.

The funds that you borrow are tax-free, and you may use them any way you wish. You can receive your funds in a lump-sum, or monthly payment. You can even use these funds as a line-of-credit with an annual growth rate.

The federal government has instituted checks and balances to make sure the potential borrower has made an informed decision prior to obtaining a reverse mortgage. A borrower must receive reverse mortgage counseling with a HUD-approved reverse mortgage counselor. This safeguard ensures senior citizens against unscrupulous lenders.

Typically, a Reverse mortgage allows you to access from 55% to 60% of the value of your home. The specific amount is based upon the age of the youngest borrower, the value of your home, and the interest rate at the time you begin your reverse mortgage.

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Receive Tax-Free Cash Out

The funds that you borrow are tax-free (consult your accountant.) You can receive your funds in a lump-sum, or monthly payment.

No Monthly Mortgage Payment

There are no monthly payments due during the lives of the borrowers.

Know What You’re Getting

With reverse mortgages, borrowers are required to undergo counseling with an independent third-party HECM counselor.

Supplement Your Retirement

A reverse mortgage, and the financial windfall it can deliver, often means the difference between enjoying your retirement, or dreading it.

The Basics

A reverse mortgage makes the equity in your home available to you any time you need it

There is never a monthly mortgage payment with a reverse mortgage

Reverse mortgages are non-recourse loans. So you never have to worry about the balance of the loan exceeding the value of your home

Minimal qualifying

You will never again have to make a monthly house payment

The loan does not have to be repaid until you move, sell the property or pass away. Although, the homeowner remains responsible for taxes, insurance and home maintenance.

You never surrender title to your home

If you pass away, your heirs simply sell or refinance the home and pay off the loan… any equity above the loan amount is theirs to keep

Reverse mortgages are insured through FHA

You can use a reverse mortgage to purchase a new home

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Get More Information on A Reverse Mortgage

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  • HUD Disclaimer:This material is not from HUD or FHA and has not been approved by HUD or a government agency.