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Unlike a traditional mortgage that you pay back each month, a Reverse Mortgage makes payments to you. You can receive these payments in a lump sum, receive the money as a monthly payment to supplement your monthly income, leave the money in a Line of Credit, or any combination of the above.
We offer Reverse Mortgage loans that are insured by the Federal Housing Administration, and the loans require no repayment as long as your home is your principal residence. The borrower must be at least 62 years of age and is also required to fulfill other obligations, such as continuing to maintain the property, and paying the property taxes and hazard insurance.
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The loan is paid back when you sell the property or permanently move out of your home. When the loan is repaid, the amount due will always be the lesser of your loan balance, or the market value of your home.
You can never owe more than your home is worth at the time of repayment. Even if the amount you borrowed eventually exceeds the value of your home, you or your heirs will never owe more than the value of your home. All proceeds in excess of what you owe belong to your estate, which means that the remaining equity in your home can be passed on to your heirs.
Reverse Mortgages are powerful financial tools made available to many senior Americans today. Most reverse mortgage programs enable those qualified, to access a portion of the equity that exists in their home today.
There are no credit, medical or income requirements. Reverse mortgages offer many seniors a sense of freedom, and financial security. Reverse Mortgages also allow seniors to enhance their retirement, and truly put the Gold back into the "Golden Years"!
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