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What can I use the money for?
* Every day living expenses.
* Pay off debts or mortgage
* Property / Home Insurance
* Medical expenses or in-home care
* Home repairs
* Financial Planning
How can I qualify?
* Any homeowner
who is 62 years or older.
* Homeowner must be living in the home.
How much money can I get?
It depends on:
* Your age
* The value of your home
* Current Interest Rates
* The
government loan limit in your area
How is it paid to me?
You can choose how to recieve
your money.
It can be taken:
* As a Lump Sum at the closing of the loan.
* As a Monthly Cash
Advance.
* As a Line of Credit
-OR-
* Any combination of the above three options.
When
do I pay it back?
*When the last surviving spouse dies, sells the home or permanently moves away for 12
months in a row.
Are Reverse Mortgages Safe?
* Reverse Mortgages are insured by the
Federal Housing Administration and Fannie Mae.
* Payments to borrowers are guaranteed by the U.S. government on
the FHA reverse mortgage loan.
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