Reverse Mortgage Loans
With a Reverse Mortgage loan, borrowers over the age of 62 can convert their home equity into cash and defer the payment until their death, or until they sell their home. Each month, the interest is added to the loan balance, which can eventually rise to exceed the value of the home. Typically, the borrower, or their estate, is not required to repay any additional loan balance in excess of the value of the home. Reverse Mortgage Loans allow seniors to enjoy their golden years without a mortgage payment.*
*Consumer is responsible for property taxes, homeowners insurance, homeowners association dues, and property maintenance.
Reverse Mortgage Loan Features & Benefits
· Borrower must be over 62 years of age
· Property must be primary residence
· No monthly mortgage payment, however, borrower is responsible to pay property tax, insurance and any HOA fees (if applicable)
· Minimal income and credit requirements
· You remain the owner of your home
· Generally does not affect Social Security or Medicare benefits
· Income from a reverse mortgage is not taxable
· Money can be used for any purpose such as home repairs& maintenance, long-term care, medical needs, or paying debt
**These materials are not from HUD or FHA and have not been approved by a government agency. Property subject to foreclosure should loan terms not be adhered to.