Reverse Mortgages for Seniors

What is a Reverse Mortgage?

If you are age 62 or older, own and live in your home free and clear or have a minimal remaining mortgage balance our reverse mortgage programs can help you receive extra income. A Reverse Mortgage allows you to borrow against the equity you’ve established in your home without repaying the loan for as long as you live there. Instead of making monthly payments, you can choose to receive them! That’s the “reverse” part. The best part - you are not restricted in how to use the funds!

Examples of potential uses for funds received through a reverse mortgage include:

Invest in CDs, annuities, long-term care insurance
Supplement retirement income
Cover medical expenses
Make home repairs or improvements
Pay property taxes
Pay for in-home care

- Understanding
Reverse Mortgages

- Do I Qualify?

- Reverse Mortgage Solutions

      - Home Keeper RM
        - Advantages
        - Requirements

      - Home Equity Conversion
         Mortgage
        - Advantages
        - Requirements

Customers have unique needs. Some prefer to get the entire amount up front, while others would prefer a steady monthly payment to supplement their other income. Regardless of which distribution plan you pick, you are able to adjust your plan as often as you wish to accommodate changing needs.

There are five different kinds of reverse mortgage distribution plans to fit your needs and desires:

Lump Sum Cash Advances
- Cash is immediately available (often used to payoff an existing mortgage)
Term
- Equal monthly payments for a fixed period of months selected.
Tenure
- Equal monthly payments as long as at least one homeowner lives and continues to occupy the property as a principal residence.
Line of Credit
- A credit line which the customer can draw upon as he or she wishes.
Combination
- An immediate cash advance in addition to monthly allotments.

Questions & Answers

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