Reverse Mortgages allow consumers to safely convert the equity built up in their home into cash while maintaining ownership.
Please use the map below to find a Reverse Mortgage loan consultant in your state.
A Reverse Mortgage is a special type of private home loan that lets homeowners convert the equity in their home into cash. You can use your equity to receive a lump sum, monthly payment, or a line of credit that is tax-free and does not affect Social Security or Medicare benefits. The best part is there are never any payments throughout the life of the loan. You retain full ownership of your home and all repayments of the loan are deferred until after you permanently vacate your home.
A Reverse Mortgage is a loan, but in reverse. You still retain title, ownership, and control of your home. With a Reverse Mortgage you can never be forced from your home and there is no time limit on the loan. The lender sends cash to you and you never have to make a payment for as long as you live in the home.
A Reverse Mortgage is a 'non-recourse' loan. The Federal government guarantees all Reverse Mortgages and the lender can only look to the home to satisfy the loan. This means there is 'no personal liability' to you or your heirs. Repayment is due after all homeowners permanently vacate the home (pass away, sell, or permanently move out).
A Reverse Mortgage does NOT affect the appreciation of your home. Your home will continue to increase in value while you enjoy your Reverse Mortgage.
You can choose how to receive the money from your Reverse Mortgage. The options are: a lump sum; monthly payments (for life); a line of credit; or any combination of these. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at anytime.
The amount of money you get from a Reverse Mortgage depends on several factors, including: your age, type of Reverse Mortgage selected, appraised home value, current interest rates, and the location of your property. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you get. The funds from a Reverse Mortgage are tax-free; it's your money, not additional income. A Reverse Mortgage does not affect regular Social Security or Medicare benefits.
