A Reverse Mortgage lets the homeowner access the equity portion of their home and turn it into cash to use for things they need.  Proceeds from the loan can be used for making home improvements, medical expenses, long-term care and any unexpected expenses that may arise.

The loan amount is a percentage of the home's value determined by the age of the youngest homeowner. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 12 months to repay the balance of the Reverse Mortgage or sell the home to pay off the balance.

Important facts about Reverse Mortgages

	All borrowers must be 62 years of age, or older
	No credit, income is needed to qualify
	Must occupy property as a principle residence
	No health requirements
	Medicare and Social Security are not affected
	No income taxes on cash received from the Mortgage
	Title remains in homeowner's name until you move out of property
	No repayment until you move out of property

For more information about Reverse Mortgages, please contact us today.