How much am I entitled to receive
through a reverse mortgage?
The amount you are entitled to receive is
based on the value of your home, your age and current interest
rates. One of our Senior Advisors will be happy to assess your
individual scenario and let you know how much you can receive.
How does a reverse mortgage differ from
a standard home equity loan?
With a standard home equity loan, you must
begin to make regular payments to repay the loan as soon as the
loan is taken out. You must be able to prove that you have a
monthly income and sufficient credit to qualify for the loan.
With a reverse mortgage there are no income, nor credit
requirements and no monthly payments…. EVER!
Do I maintain full home ownership with
a reverse mortgage?
Yes! You own your home and hold the title
the same way you have owned your home with any regular mortgage.
What are the eligibility requirements
for a reverse mortgage?
All homeowners over the age of 62 who
occupy their home as their primary residence are eligible.
(rental properties and vacation homes do not qualify)
Will reverse mortgage payments affect
my Social Security or Medicare benefits?
No. Reverse mortgage proceeds will not
affect eligibility for retirement, survivor, disability, or
Medicare benefits payable under the Social Security Act. A
reverse mortgage is a mortgage loan.
Do I have to pay tax on the money I
receive?
No! As with any home equity loan, the
money you receive is not considered taxable income by the IRS.
When I die, will the bank take my home?
NO, when you pass away, your heirs have up
to one year to repay the loan. This can be done by refinancing
the home into their name, selling the home and repaying the loan
with part of the proceeds, or paying off the balance with any
other available funds.
Are there any costs involved?
Yes, as with any mortgage there are
closing costs involved but the costs are financed into the loan.
There are absolutely NO out-of pocket expenses to you.
If I die, will my spouse be protected?
Yes, your spouse will continue to enjoy
all of the great benefits that the reverse mortgage has to
offer.
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