What Is A Reverse Mortgage?
“What is a reverse mortgage“ is the number one most frequently asked question by people that are learning about this remarkable home loan that is a financial life saver for thousands of senior homeowners across America.
In the simplest terms, a reverse mortgage* is a government insured loan that turns the equity in your home into TAX-FREE Cash.
A reverse mortgage pays you back the money that you previously paid to your mortgage lender during the years that you were making monthly mortgage payments to own your home. In other words, with this loan your mortgage payments are reversed and your money is returned to you.
The bank now sends YOU money based upon the equity in your home and your life expectancy.
CAN YOU IMAGINE? A MORTGAGE THAT PAYS YOU… INSTEAD OF THE OTHER WAY AROUND!
Receiving Your Reversed Mortgage Payments
When your payments are reversed through the use of an FHA insured HECM Reverse Mortgage you are able to convert a portion of your home equity into Tax-Free cash in any of the following ways:
All at once as a lump sum payment to you at the time of loan closing.
In monthly installments for as long as you live in your home – similar to an annuity.
Monthly installments in an amount that you choose, which can be disbursed over a fixed number of years.
As a line of credit that you can access whenever you want to and in whatever amount you need to (up to your loan amount.)
Or any combination of the above….It’s your choice.
Wow! Tax-Free Money Paid To You… FROM The Bank!
Unique Features That Define “What Is a Reverse Mortgage”
Never requires monthly payments or ANY repayment as long as you live in your home.
You retain title to your home – the bank does NOT own your home.
Your home remains part of your estate after you pass away.
There are no credit, income or health qualifications to be approved for a reverse mortgage.
Reverse mortgage loans do not affect your Social Security or Medicare benefits.
The money you receive from your reverse mortgage is Tax-Free.
You can use your reverse mortgage money for whatever you choose.
Now that the question; “What is a reverse mortgage?” has been answered, why not find out today, how much money you can get from this unique home equity loan?
*Disclaimer – The term “Reverse Mortgage” when used throughout this website always refers to the FHA government insured HECM – Home Equity Conversion Mortgage, unless otherwise stated.
