HomeReverse Mortgage

TURN YOUR HOME INTO CASH

What is a Reverse Mortgage?

A reverse mortgage is a special type of loan made to older homeowners, to enable them to convert the equity in their home into cash, to finance living expenses, home improvements, in-home health care, or other needs.

With a reverse mortgage, the payment stream is “reversed.” That is, payments are made by the lender to the borrower, which is that the opposite of what occurs with a regular home purchase mortgage.

In general, reverse mortgages are limited to borrowers 62 years or older who own their home free and clear of debt, or nearly so, and the home is free of tax liens.

Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump sum payment, fixed monthly payments for life, or a line of credit.
Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even if they sell the home. The amount of money that the homeowner can receive will depend on the type of reverse mortgage, the borrower’s age and current interest rates, and the home’s property value. “Projected Life Expectancy” is used to determine the amount of the monthly payments or line of credit. In general, the older the applicant is, the larger the monthly payments or line of credit will be. Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage.

Reverse Mortgage Features

Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even if they sell the home.
No monthly payment.
No income or credit qualifying needed
You maintain title and ownership of your home
Proceeds from a Reverse Mortgage are not subject to personal income taxation
Can be used only for the borrower’s primary or principal residence

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