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Reverse Mortgages

What are they and How do they work?­

A Reverse Mortgage is a unique loan program that enables homeowners that are age 62 and older to use their equity without creating a monthly payment obligation. The benefits of a reverse mortgage program includes:

  • paying off any outstanding mortgages against the property

  • seniors being able to unlock the financial potential in their homes like retaining ownership of the home and even when selling a home the payoff amount belongs to the borrower.

  • no income or credit requirements to qualify.

  • Living in security of knowing that reverse mortgages are fully insured under the federal government’s Federal Housing Administration’s mortgage insurance program.

  • the money being received from this loan is not taxable as income.

  • no required payment until the senior homeowner no longer occupies the property as his/her primary residence.
  • The outstanding principal and the accrued interest become due only when homeowner no longer occupies residence.

  • They may keep the home until his/her death without ever making a payment back to the loan.

  • Typically, the loan is paid off with the proceeds of the sale of the home from the borrower's estate.

  • However, the borrower's estate/family may decide to refinance the loan and retain the property. Proceeds of the amount owed belong to the borrower's estate.

As an additional safeguard, HUD requires that each potential reverse mortgage borrower be advised about the reverse mortgage program by an independent HUD-approved counseling agency. This counseling has to be paid by the borrower up front.

What Doesn't Matter

  •  Credit
  •  Income
  •  Loan to Value
  •  Liquid Assets
  •  Health
  •  Money to be used for....


What Does Matter

  • Age
  • Value of Home
  • Location of Homes
  • The Borrower must occupy the property as his primary residence
  • Existing Liens paid off in time of settlement
  • Property Must Qualify



  • Free up monthly income.
  • Do home improvements.
  • Pay off credit card debts.
  • Pay for in-home health care.
  • Purchase long-term care insurance.
  • Supplement income.
  • Plan your estate.
  • Do home improvements.
  • Purchase a car.
  • Travel
  • Prepare for emergencies.
  • Purchase a new home or condominium.
  • Pay off your existing mortgage.
  • And lastly, anything you want

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