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What is a Reverse Mortgage?


• It’s a special type of loan that enables individuals aged 62 or older to convert some of their home’s equity into tax-free cash
 
• Unlike traditional equity loans, no repayment is required until the home is no longer the client’s primary residence Who is eligible? • Homeowner(s) who are at least 62 years of age and occupy the property as their primary residence (co-ops and condos with recreational leases are not permitted)

• The property must be owned free & clear or have a small remaining balance that can be paid off with the proceeds from the reverse mortgage • No income, employment or credit requirements are necessary How much cash can someone receive?

• The amount that can be borrowed is based on factors such as the age of the youngest borrower, the appraised value of the property, HUD lending limits and prevailing interest rates

What are some of the benefits?
 

• The client always retains ownership of the property
 
• Loan proceeds can be used for any purpose
 
• Loan proceeds are not considered income and will generally not affect Social Security, pension and/or Medicare benefits

• The heirs can keep the home once the reverse mortgage is repaid How is the loan repaid?

• A reverse mortgage is due & payable once the property is no longer considered the client’s primary residence, when the last remaining borrower passes away, or if the property is sold – any outstanding principal & interest must be repaid either from the sale of the home or through other resources


What are the client’s cash options?

• Lump sum advances make cash immediately available
 
• Tenure plans provide fixed, monthly cash advances

• Line of Credit plans make cash available upon request and as needed

• Choose between two of the above-mentioned options for greater flexibility and comfort

If you do not qualify at this point in time for a Reverse Mortgage, you do not need to worry. I have several programs available for seniors that will help lower your Mortgage payments by half of what you are paying now.