Reverse Mortgage - Find Out How Much You Are Eligible For Today

You own your home

You continue to maintain ownership of your home, as long as you comply with the terms of the loan.

no mortgage payments

The most attractive benefits of reverse mortgages is that payments are made TO you, as long as you live in your home.

disbursement options

Choices include receiving funds in a full or partial sum, a line of credit, monthly payments, or a combination of any of these.

benefits unaffected

Government benefit programs that do not test financial resources, such as Social Security and Medicare, are not affected by reverse mortgages.

reverse mortgage benefits

There are many features of reverse mortgage loans that can benefit seniors who are looking to supplement their retirement income.
What are they exactly? Below are six reverse mortgage benefits.

Own Your Home

You continue to maintain ownership of your home, as long as you comply with the terms of the loan and pay your taxes and insurance.

Pay Off Current Mortgage

With the funds you receive from a reverse mortgage, you can pay off your existing mortgage and be mortgage payment free.

no monthly mortgage payments

Payments are made TO you, as long as you live in your home. The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

You are protected

Reverse mortgages are insured by the government. If the loan ends up more than the value of the home when sold, government insurance will cover the difference.

several disbursement options

This includes the choice to receive funds in a full or partial sum, a line of credit, monthly payments, or a combination of options.

SSI and Medicare unaffected

Government benefits that do not test financial resources, such as Social Security and Medicare, are not affected by reverse mortgages.

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Reverse Mortgage Pros & Cons

PROS

	Allows the homeowner to stay in the home.
	Can pay off existing mortgages on the home.
	No monthly mortgage payments are required, however the homeowner must live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements.
	The homeowner receives payments on flexible terms:
	1. Credit line for emergencies 2. Monthly payments 3. Lump sum distribution 4. Any combination of the above
	A reverse mortgage can not get “upside down” so the heirs will never be personally liable for more than the home is sold for.
	Heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.
	Loan proceeds are not taxable.
	The interest rate may be lower than traditional mortgages and home equity loans.

CONS

	The fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage because of the insurance cost. The largest costs are:
	1. FHA mortgage insurance 2. Origination fee
	The loan balance gets larger over time and the value of the estate/inheritance may decrease over time
	A reverse mortgage loan usually does not affect eligibility for entitlement programs, such as Medicare or Social Security benefits. However, some needs based government benefits such as Medicaid and Supplemental Security Income (SSI) may be affected by a reverse mortgage loan. You should consult a qualified professional to determine if there would be any impact to your government benefits.
	The program is not well understood by most individuals. However, the availability of independent reverse mortgage counseling helps.

Bring Stability To Your Retirement