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Reverse
Mortgages
Many of our older Americans are using a Reverse Mortgage
program to convert the equity in their homes into cash needed
TODAY! The concept of a Reverse Mortgage, does exactly
that, reverses the payment stream. Instead of paying a
monthly mortgage payment, your mortgage lender pays YOU monthly
a stipend of your equity.
There are no
requirements for usage of the funds you receive, such as home
improvements, daily living needs or paying off debt. In order
to qualify for a Reverse Mortgage you must be at least 62 years
old and own your own home. There are no income
requirements, medical requirements, or anything to qualify.
The funds from
a Reverse Mortgage can be disbursed in a lump sum at
closing or in a monthly stipend, or a line of credit. Any funds
received from a Reverse Mortgage are tax-free and does not
affect Social Security and Medicare benefits. However,
certain kinds of government assisted programs, such as, Medicaid
or State Assisted programs can be affected and you should check
with your local Area Agency on Aging to be certain.
No payment is
due on a Reverse Mortgage while it is outstanding. The
loan becomes due and payable when you cease to occupy your home
as a primary residence.
Contact Us to get
started TODAY!
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