FREQUENT QUESTIONS

Additional Information

  

More than 10,000 Americans are retiring every day. 

As they adjust to their new fixed budgets we are there, 

helping many use their home to stay in their home.
 

Some Common Questions:
 

What is a reverse mortgage?
A Reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home. The borrowers are stay in their home as long as they wish without monthly mortgage payments and still pass it on to their Heirs.
 

Is the money I receive from a reverse mortgage taxed?
There is no restriction on how the proceeds from a reverse mortgage can be used and it is not taxed.
 

How can I qualify for a reverse mortgage?
To qualify for a reverse mortgage you must be a home owner living in the home, be at least 62 years old and have sufficient equity.  We will also complete a financial assessment with you to see where you are now and how best to get you where you want to be.
 

Will my home qualify for a reverse mortgage?
Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and town homes are eligible for a reverse mortgage.
 

How much money can I get from a reverse mortgage?
The amount will vary borrower to borrower and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on an existing mortgage.
 

With a Reverse Mortgage, does the bank now own my home?
No you always own your home your name stays on the title and are free to sell or pass it on to your family just like now, the reverse Mortgage is a lien like any mortgage.
 

If I do not make payments , how is it repaid?
Once all owners leave the property for good, it is sold or refinanced by the heirs to be kept by the family
 

What if I sell my home and purchase my new down sized home closer to my grand kids?
You are able to purchase your new home with a Reverse Mortgage and put half the purchase value in the bank and still have no mortgage payment
 

Have a Question yet not answered? 

Give us permission to mail you more information .
We look forward to answering any and all your questions to help you make the best informed decision.


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