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What is a reverse Mortgage?

A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of their equity in their homes into income or cash without having to sell the home, give up title, or take on new monthly mortgage payments. Reverse mortgages are available to individuals 62 or older who own their home.

The Benefits

• Allows you to maintain your financial independence.
• You retain ownership of your own home.
• You can use the money for whatever you want or need.
• You maintain the benefits as long as you remain in your home.
• You (or your heirs) don’t have to pay off the mortgage until:
• You move out
• You sell your property
• You pass on

Easy

• No income required & only minimal credit qualifications
• No monthly mortgage payments
• You or your heirs will never owe more than your house is worth
• No penalty for early payment
• Your loan is insured by the Federal government, so you will never have your payments interrupted

Flexible Income Choices

• Monthly Lifetime (Tenure)
• Monthly Term which gives you payments for a pre-set number of years
• Line of Credit (LOC) can grow annually
• Lump Sum paid at Closing
• Any combination of the above

Reverse Mortgage Purchase Program

Starting in 2009 you can use a Reverse Mortgage to purchase a newer home.

This is great for seniors whether they are ‘trading up’ or downsizing. It’s also great for seniors who need to move to accommodate changes in their physical needs, such as when they need to move to one story living. Or perhaps you want a home that needs less maintenance.

What makes it even better is that you can get a reverse mortgage to purchase a home even if you have poor credit or don’t have a lot of income and couldn’t qualify for a traditional forward mortgage.

Better yet, while you still need to pay the property taxes and insurance on your new home, you don’t have a monthly mortgage payment!

The Process is Easy

1. Contact Marcia Robinson, Reverse Mortgage Specialist
2. Discuss & review benefits illustration
3. Set an appointment with a HUD approved housing counselor
4. Complete application
5. Marcia Robinson orders the appraisal
6. Application to closing can usually be completed in about 60 days

You’ve paid for your home…
Now, let your home pay for you!