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Is a reverse mortgage right for you? Get the facts before you make a decision.

What is a Reverse Morgage?

If you're a home owner age 62 or over with at least 50% equity in your home you may be eligible for a reverse mortgage loan. A reverse mortgage loan allows you to receive cash from the equity in your home in the form of a lump sum, line of credit or fixed monthly income. With a reverse loan, you maintain the title on your home and at no point does the bank own your home. The loan is not due back until the last surviving home owner vacates the home. The remaining equity can be passed down to your heirs or your estate.

The reverse mortgage actually eliminates your current mortgage payments and makes available to you any remaining equity in your home.

Best of all, you can use the proceeds for anything you'd like. Anything from preventing foreclosure and covering property taxes, to taking that dream vacation or buying a car. As with any loan, there is a cost of borrowing and you can consider other options, legally you must speak with a trained counselor prior to taking out a reverse mortgage. However, you can receive a hassle free quote from this website prior to making any decisions.

We help you understand your options and get a quote to find out what you might be eligible for!

Basic Requirements for a Reverse Morgage:

You are likely eligible for a reverse mortgage if the youngest home owner is 62 or older and you owe less than half on your mortgage than the appraised value of the home. Eligible property types consist of single family homes, 2-4 unit properties, condos and townhouses. For the most part, co-ops are not eligible however some programs are opening up in New York that make co-ops eligible. To find out for sure, simply get a quote by filling in your information to the right!