A safe and smart financial option for Senior Homeowners!

Have you seen or heard about Reverse Mortgages and wanted to know more?

Here are some of the  key points you should know about Reverse Mortgages:

Qualifications:

• Must be at least 62 years of age
• Own and occupy the home as a primary residence
• All mortgages and liens against the property need to be paid or subordinated prior to close of escrow
• Attend an information session by an approved counseling agency

Benefits to you:

• Title to home remains in your names
• Money received is tax free-It is a loan against the future value of the home
• No Monthly payments
• No restrictions on the use of funds available
• Loan is due when borrowers no longer occupy the property
• FHA insured!
• Social security or medicare eligibility not affected
• Non recourse loan
• Interest rates lower than normal residential rates due to FHA/FHMA insured loan

Purpose:

• Payoff current mortgage on the home
• Create additional monthly income
• set up an emergency fund with a line of credit(which grows 7% automatically!)
• Update or make repairs to the home
• Hire in-home health care or pay medical expenses
• Purchase long term care insurance
• Travel, buy a car, help grandchildren in college, etc.