Is a Reverse Mortgage Right for You?

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The Lowdown on Reverse Mortgage Loans...


How does a reverse mortgage work and is a reverse mortgage right for me?

Reverse mortgage facts:

A reverse mortgage is exclusively designed for people over the age of 62. Although we do have some programs that require a minimum age of 55.

You can pay off your existing mortgage, get cash out to pay off high interest debt, do home improvements, buy another home, delay taking social security payments and/or receive a monthly income payment.

There are two primary types of reverse mortgages:

-Home Equity Conversion Mortgage (HECM) are federally insured and can be used for most any purpose.

This is the most common reverse mortgage program used today.

-Proprietary Reverse Mortgage is a reverse mortgage not insurance by the government under the HECM program. This program as a substantially higher limit which will help qualified borrowers obtain a higher loan amount more in line with the increased home values of today.

A few answers to common questions:

-The homeowners still retain full ownership of the property. The ownership does not change with this type of loan and title is still held in the homeowners name or trust. The property can still be willed and kept in the homeowners estate for their heirs.

-The loan can be paid off by the sale of your home, by a refinance or by making payments (if you chose to do so). However, the loan is only required to be paid off in three instances 1) Sale of the home 2) Absence from the home for more than three months, often the result of moving to an assisted living or nursing facility 3) death.

-Taking out a reverse mortgage does not affect your Social Security and Medicare benefits. That is because reverse mortgage loan funds are not considered income.

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