Reverse Mortgage Basics

Reverse Mortgage Basics are reviewed below. After reading the basics you may want to click through to some of the other pages on this website to get a better understanding of Reverse Mortgages and how they may benefit you and your family.

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  • The money you receive from a reverse mortgage is TAX-FREE
  • Your Social Security and Medicare Benefits are NOT affected by a reverse mortgage
  • You retain title to your home.  The lender does NOT own your home
  • The lender does NOT get your home after you pass away
  • The purpose of a reverse mortgage is to generate cash for you now and improve your lifestyle
  • At least one owner on title must be 62 years or older
  • You do NOT need to own your home free and clear to get a reverse mortgage
  • You do not need to make monthly payments on a reverse mortgage
  • You do not need good credit to qualify for a reverse mortgage
  • You do not need to repay the loan as long as you live in your home
  • Reverse mortgages are non-recourse loans, which means you can NEVER owe more than your house is worth at the time your home is sold by you or your estate
  • Reverse mortgage loan proceeds can be paid to you in a lump sum, monthly payments, a line of credit or a combination of these
  • If lending limits increase and or the value of your home goes up after you take out a reverse mortgage, you can request more money through a streamline refinance.
  • Reverse mortgage loans are either adjustable rate loans or fixed rate loans. Each offer different interest rates and different loan amounts. Interest Rates Explained Here
  • You must continue to maintain, insure, and pay taxes on your property
  • You must occupy your home as your primary residence. If you leave your home for 12 consecutive months, due to physical or mental illness, the loan must be repaid at that time through the sale or refinance of your property

Now that you have a quick overview of the reverse mortgage basics, you owe it to yourself to: Get Your Free Personalized Evaluation

See how you can improve your lifestyle by transforming your trapped home equity into TAX-FREE cash without monthly payments. See How Much You Qualify For Today

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