We are excited to announce that we have just landed a very competitive source of funds to furnish Reverse Mortgages. Although it is not a loan for all people over 62, it can be a very good loan for the right situation. So, when does a Reverse Mortgage make sense? This is the first of a series of articles providing information to help you understand these mortgages better.

Key facts:

• Homeowners retain title and ownership to their home.
• You can pay off your current mortgage and eliminate monthly payments.
• The loan is not qualified on amount of income, credit, assets, employment, medical history.
• Depending on age, the home should have at least 50% equity (i.e., owe $75,000 on home that is worth $150,000).
• Can be used to supplement income by way of lump sum or monthly payments.
• Tax-free cash advances do not affect Social Security or Medicare Benefits.
• All participants attend a free education counseling session with a HUD-approved counselor to have a third party assist you with thinking through if a Reverse Mortgage is the right loan for you.
• Repayment is required in one lump-sum when the property is sold or the borrower(s) no longer live in home.
• You or your estate may sell your home and use the proceeds to pay off the reverse mortgage.
• Your heirs may keep the home in the family and pay off the reverse mortgage from their own funds or with a new mortgage.

Would you like to learn more? Give us a call at 371-255-0062 to walk through your specific questions.