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A reverse mortgage is a loan that enables senior homeowners
who are at least 62 years of age to convert part of
the equity in their home into tax free income. No loan
payments are required during the senior's lifetime and
payoff on the loan is not required until the last homeowner
permanently leaves the residence. Title remains in the
homeowner's name at all times.
Call
to speak to one of our specialists in your area (800) 928-1121 |
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All borrowers must be 62 years or older.
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Borrowers retain ownership and occupancy.
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No monthly mortgage payments.
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Loan repayment not required until last homeowner
permanently vacates the residence.
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Upon repayment, you will never owe more than
the home is worth.
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No income or credit requirements.
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Interest is due at the time the loan is paid
off.
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When the loan is due, your heirs have choices
- repay the loan and keep the house or sell
the home and repay the loan.
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Social Security benefits and Medicare are generally
not affected (consult appropriate government
agencies).
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Closing costs and fees incurred can be financed
as part of the loan.
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TAX FREE INCOME.
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