Benefits of Reverse Mortgage

  • No monthly mortgage payments
  • No income qualifications
  • Loan proceeds may be tax-free - consult a tax advisor for more information
  • The loan is not due until the last homeowner sells or permanently leaves the home
  • Neither you nor your heirs will owe more than your home's appraised market value at the maturity of the loan
  • You decide how you would like to receive the loan proceeds - lump sum, line of credit, monthly payments, or a combination of any of these

Achieve Your Goals

With a reverse mortgage, you have the freedom and flexibility to use the money from your home in any manner you see fit. Experience indicates that people use the funds for a variety of reasons including:

  • Healthcare and prescription drug costs
  • Home remodeling or repair
  • Supplemental income for everyday living expenses
  • Assisting grandchildren with education expenses
  • Estate and financial planning
  • Long-term care insurance

Explore Whether a Reverse Mortgage Program Would Fit Your Needs

Assistance is available to explain your various reverse mortgage options and to help you determine if a reverse mortgage best addresses your financial needs. If you decide a reverse mortgage is the right solution for you, the next step is determining which reverse mortgage loan program works best for your particular situation.

Qualifying is easy

Although the qualification process may vary by lender, there are typically no income or health qualifications and the only minimal credit score requirements needed to qualify for a reverse mortgage.

The amount of the reverse mortage loan for which you qualify is determined by several factors, including:

  • Homeowner age - all homeowners must be at least age 62
  • Current appraised value of the home
  • Current interest rate
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