REVERSE MORTGAGE

A reverse mortgage can help you supplement your income so you can settle down and enjoy your golden years. 

What is a Reverse Mortgage Loan?

A reverse mortgage is a loan, in the sense that it allows an eligible homeowner to borrow money but it doesn't work the same way as a home purchase loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit.

When applying for a Reverse Mortgage loan, here is what you need to know:

• A  home loan for seniors ages 62 and older

• Reverse mortgage loans allow homeowners to convert their home equity into cash income with no monthly mortgage payments.

• A reverse mortgage can provide a lump sum or a line of credit that you can access as needed, based on how much of your home you’ve paid off and your home’s market value

• Reverse mortgages can be a great financial decision for some seniors but a poor financial decision for others.

Qualifying for a Reverse Mortgage Loan involves an assessment that looks at your:

• Property Type

• Age, Equity, and Fees

• Counseling

• Collateral Protection