Reverse Mortgage: Questions and Answers

1. What is a Reverse Mortgage?

• A Reverse Mortgage allows you to convert the equity in your home into monthly payments that you can use. If you still owe against your home, this product can eliminate those monthly payments and free up some much needed cash flow.

2. How is a Reverse Mortgage different from a Home Equity Loan?

• A Home Equity Loan requires you to continue making monthly payments to pay off your loan. A Reverse Mortgage eliminates your monthly payment and actually pays you in monthly installments.

3. Will my current job or retirement affect the amount I can receive?

• No. The amount of money you can receive are generally based on your age, your home's value, and the amount of equity you have in the home.

4. What are some other benefits?

• You will no longer have your monthly mortgage payment to make.


• You will receive a monthly payment from the equity in your home.


• You cannot be foreclosed on due to a missed payment because you no longer have a payment to make.

5. Are there any income or asset limitations that will prevent me from qualifying?

• No. There are no limits on what you income level is or how much you have saved.

6. Is there any limit on the value of my home and how is the value determined?

• There are no limitations to the value of your home. We will determine the value of your home by ordering an appraisal.

7. How do you determine how much money I will receive every month?

• Your monthly allowance will be determined by your age (if there is more than one borrower we use the age of the youngest borrower), the current loan balance, type of home, and the appraised value of the home.

How Do I Qualify For A Reverse Mortgage?

• Are you 62 year of age or older?


• Is your mortgage paid in full of have a relatively low balance left?


• Do you currently live in the home and do you plan on continuing to live there?


• Is your property a single family residence or a 2-4 unit property where you occupy one of the units?


• Are you willing to receive additional information and financial counseling from HUD approved sources?

If you answered yes to the questions above then you aren't far away from qualifying for your new Reverse Mortgage. If you have more questions or wish to receive more information about this great program, contact me today and I will be happy to help you in any way I can.

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