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Advantages


Q. What are the advantages of a REVERSE MORTGAGE?
A. There are many. Here are a few of the most significant:

  • Remain independent. A REVERSE MORTGAGE allows you to remain in your home with increased cash flow.
  • Keep title to your home. You are still the owner of your home, and still may pass title of your home to your heirs upon your passing.
  • No monthly mortgage payments. You need not pay back the REVERSE MORTGAGE loan nor make any monthly mortgage payments until you permanently move out of the home*.
  • Tax free money. Because the money you receive from a REVERSE MORTGAGE is not considered income, it is tax free and will not affect your Social Security or Medicare benefits.
  • Freedom and flexibility. The money you get from a REVERSE MORTGAGE is yours to use in any way you choose.
  • Payoff credit cards and other debts. You may improve your cash flow further by using some of the tax free proceeds to eliminate other monthly debts and payments.


Q. Are there any limits on how I use the money I receive from a REVERSE MORTGAGE?
A. You can use the money for anything you choose, from daily living expenses, home improvements, healthcare expenses, paying off existing debts, or simply enhancing your retirement years. For many people, the money provides a "financial security blanket," in case unexpected expenses arise.

Q. Is there a choice in how I receive the cash from my REVERSE MORTGAGE?
A. Reverse Mortgages have a wide range of payment options, one of which should be ideal to meet your financial needs.

  • You can choose to receive the money all at once as a lump sum.
  • You can receive equal monthly payments as long as one of the borrowers lives and continues to occupy the property as a principal residence.
  • You can choose to receive equal monthly payments for a fixed period of months.
  • You can obtain a line of credit, which allows you to take funds at times and in amounts of your choosing (and of course you are not charged any interest until you access those funds).
  • You can choose a combination of the above.

The Fixed Rate REVERSE MORTGAGE give you all your available money at once at closing.