What is a reverse mortgage?

A reverse mortgage is a unique financial tool that allows seniors to access the equity in their homes. The reverse mortgage loan requires no monthly payments or fees. Instead, the lender pays you. No payments are due as long as you remain in your home. The loan balance only becomes due when you move from your home or pass away.

Qualification

To qualify for a reverse mortgage, you must:

• Be 62 or older

• Own a single-family home or condo with some equity

• Occupy the property as your primary residence

Benefits of a Reverse Mortgage

• Tax-free payments as long as you live in your home

• No income or credit requirements

• The proceeds of the reverse mortgage will pay off any outstanding mortgages against the property.

• No payments are required during your lifetime as long as you live in the home.

• Keep title and possession of your home

• Choose a cash flow plan customized for your needs

• Pay off existing mortgage

• Retain your personal and financial independence

• No prepayment penalty

Common Uses of Loan Proceeds

• Travel

• Living expenses

• Home improvement

• Paying off debt

• Emergency cash fund

• Reducing financial burden on your children

• Paying cash for new RV, car or time share

• Hobbies

• Health care or long term care

Costs

Closing costs and other loan fees can be financed into the loan so you pay nothing out-of-pocket.

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