Reverse Mortgages

What is a Reverse Mortgage?

•  A reverse mortgage can provide cash advances
•  It is a loan against the equity in your home
•  A loan that requires no repayment until you are no longer living in your home.

When is a Reverse Mortgage a good idea?

•  To maintain or improve your lifestyle
•  To pay off your mortgage
•  To catch up on back taxes and to stay current on taxes
•  To prevent foreclosure
•  To pay for health care
•  To fix up the house or modify it to meet changing needs

When is a Reverse Mortgage a bad idea?

•  When the proceeds of your reverse mortgage are going to be "reinvested" by a     financial planner 
•  When money is being used as a short-term loan
•  When you get a reverse mortgage to help a relative start a new business
•  When the house is in only one person's name but there are two people living in the house
•  When a relative or friends needs money to help them get caught up on delinquent debts

How could you benefit from a Reverse Mortgage?

•  No monthly payments required
•  You receive a regular check each month
•  You can remain in your home for the rest of your life
•  The loan is not payable until you no longer live in your home

Is the Reverse Mortgage process complicated?

•   Get a complete explanation in the comfort of your home
•   Consult with family members and take as long as you like to decide
•   Get free credit counseling as part of the process

How do I receive the money?

• Monthly for the rest of your life
• Monthly for a specific period of time
• Line of credit to use when you need extra money
• As a lump sum
• Any combination of the above