We make mortgages easy and convenient!

The government insured reverse mortgage has become a very popular program for senior homeowners. If you are 62 years of age or older and are looking to eliminate your monthly mortgage payment, access additional tax-free equity, or both, then this program might be perfect for you.

The fact is the reverse mortgage was designed by the government to assist seniors in a wide variety of situations by allowing you to eliminate your monthly mortgage payment and increase your available money.

Many senior homeowners are using the reverse mortgage as a great retirement tool. The reverse mortgage empowers you to control the equity in your home and use it in a variety of ways that can make retirement living more enjoyable.

Homeowners can receive a large lump sum of money, open up a credit line and use the money as they need, or set themselves up to receive a set amount of money every month.

Myth 1: The lender will own my home.
Fact: No! The borrower maintains their home as long as they continue to live in it.  The lender gets paid only when the homeowner leaves the home, at which time it may go to the estate.   The estate may refinance the reverse mortgage, or they may simply give it back to the bank, letting the bank dispose of the home.  Any proceeds above and beyond the note and appropriate fees will go back to the estate.

Myth 2: If my loan is sold, the terms will change.
Fact: No! The terms of a reverse mortgage never changer.  Most reverse mortgages are sold to Fannie Mae to generate more funds for additional reverse mortgages, but the terms signed during the closing of the specific loan never change.

Myth 3: I will owe money if the loan amount exceeds the value of the home.
Fact: No!  The homeowner will never owe more than the value of the home.  Reverse mortgages are known as Non-Recourse loans so the balance due will never be more than the value of the home, regardless of the amount borrowed.

Myth 4: Social Security, Medicare or medicaid benefits will be affected.
Fact: No! A reverse mortgage will not affect a majority of benefits earned by seniors so long as the funds from a reverse mortgage are treated as income and not accumulated.  Programs do vary by state as to specific dollar amounts and you can check with your local “Agency on Aging”, or similar organization.

Myth 5: My heirs will be burdened.
Fact: No!  Once the homeowner vacates the house, the heirs have the choice of selling, refinancing or walking away from the home without any obligation or penalty in which they would be held personally responsible for.  Generally the bank will give a nine month reprieve from taking any action.  Should the bank have to take the home back and foreclose upon it, the heirs are not held responsible for any funds that may not cover the balance.

Myth 6: I must be debt free to qualify for a Reverse Mortgage.
Fact: No!  You may have a mortgage and other debt on your home so long as it can be paid off with some or all of the proceeds of the reverse mortgage and/or other available funds.

Myth 7: I must be in good health to qualify
Fact: No! Reverse Mortgages have no health requirements

Myth 8: I must have a steady income and good credit to qualify
Fact: No! A reverse mortgage has not income or credit requirements

Myth 9: Only cash poor or desperate seniors can benefit from a Reverse Mortgage
Fact: No! There are virtually no restrictions on how the funds can be used for a reverse mortgage, so a great deal of seniors may benefit from a reverse mortgage, all depending on what their personal goals may be.

Myth 10: I will owe Taxes
Fact: No! Money received from a reverse mortgage is completely tax free.