Reverse Mortgage

How a Reverse Mortgage Works:

  • Pays off current mortgage.
  • No Mortgage payments required, pay just your taxes and home insurance.
  • You still own your home.
  • Interest accrues just like a standard mortgage.
  • Accrued interest is added to your balance over time.
  • Possible lump-sum cash out.
  • Line of credit available
  • Fixed and Adjustable rates
  • Home transfers to heirs upon death, just like a standard mortgage
  • No minimum credit score or income qualification

Who Qualifies for a Reverse Mortgage?

  • Age 62 +.
  • Equity requirement based on age.
  • Primary residence only.

Will I Lose My Home?

No, you maintain ownership in your home. Upon leaving the home you, or your heirs, will have the ability to payoff the remaining balance, just like a regular mortgage.