What is a Reverse Mortgage:

A reverse mortgage is a mortgage loan for homeowners 62 and older, enabling them to convert all or a portion of their home equity into tax free cash. Instead of making mortgage payments, receive them! Or choose to receive a lump sum or line of credit. Once you take out a reverse mortgage, you no longer have to make mortgage payments. The loan does not have to be paid back until the youngest homeowner permanently leaves the home. Also, contrary to how it may sound, you stay in your home and you can still pass your home or remaining equity down to your children. With a reverse mortgage, the bank never owns the home. The bank is simply taking out a lien on the home.

How a Reverse Mortgage Can be Used:

A reverse mortgage can be used for anything you'd like. However, since they are only awarded to senior homeowners, they are often used for the following:

• Cover Property Taxes
• Avoid Foreclosing on the Home
• Medical or Prescriptions Bills
• Help with Day to Day Living Expenses
• Buying A Second Home
• Vacations or Buying a Car

Since the IRS does not consider a reverse mortgage income, it is tax free!

Who is Eligible for a Reverse Mortgage:

The youngest borrower should be 62 years old or older. There are no medical requirements, income requirements or even credit score requirements in order to be eligible for a reverse mortgage. The home should be a single family home, 2-4 unit home, condo or townhouse. Some co-ops or mobile homes will be considered. You should also have some equity built up in your home in order to be considered. Don't wait any longer. So stop wondering, What is a Reverse Mortgage, and get a quote!