Quick Facts:
Possible Uses:
Receiving Your Money
- All borrowers must be 62 years and older
- Home must be your primary residence
- You own your home – no different than a traditional mortgage. Title stays in your name!
- No income, health or credit qualification
- Consult your tax advisor first, but Social Security benefits and Medicare are generally not affected by a reverse mortgage.
- No repayment is made until the home is sold or the owner permanently moves out or passes away
- You will never owe more than the value of your home
- When the loan is due, your heirs have choices – they can repay the loan and keep the house, or sell the home and repay the loan. Estate nor children are responsible for debt
Possible Uses:
- Assistance with your month-to-month living expenses
- Help pay for healthcare and prescription drug costs
- Pay for home repairs or modifications
- Pay off an existing mortgage
- Pay off existing debt
- Reduce burden on children
- Repair or purchase a car
- Pay property taxes
- Travel
- Any purpose you choose
Receiving Your Money
- Lump sum – A one time payment at closing. Fixed rate loans require lump sum
- “Tenure” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for life.
- “Term” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for a set number of months.
- Line of Credit – An open credit line from which you may draw at any time.
- Or a Combination of any of the above.
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