1. No monthly mortgage payments. Thanks to the FHA insurance program, you are NOT required to make a monthly mortgage payment as long as you occupy your home, maintain your home, and pay the property tax, HOA and fire insurance. The obligation to repay a reverse mortgage is deferred until you move, sell or die. It’s that simple!

2. You can leave your equity to your heirs. Your heirs can inherit your home or any remaining equity the same as any traditional loan.

3. You remain on title. You do not share ownership with anyone other than your spouse if applicable. Your home is used as collateral for your reverse mortgage, the same as a traditional home loan.

4. No restrictions on how you spend the money. Family, medical, travel without fear of not having enough left over to pay the mortgage.

5. A reverse mortgage is a Non-recourse loan. That means you will never be responsible to pay for more than your home is worth. If the value of your home goes down below the balance of your reverse mortgage, you and/or your heirs will never be responsible for the difference because that difference is insured and paid by the FHA.

6. Option to refinance anytime in the future. If your home goes up in value, you can re-qualify with your new older age and higher home value and if the rates are favourable, you may receive a higher line of credit or another lump sum payment.

7. Tax-Free cash in a lump sum or over your lifetime.

8. Mandatory HUD counselling. You will never have to worry about a lender taking advantage of you. Before any FHA-insured reverse mortgage is funded, there is a process in place that is designed to help you make the right choice from the beginning.

As a Reverse Mortgage Lender we not only want to go over the benefits of reverse mortgages, we would also like to discuss the downsides as well. Visit the following link to learn more. Disadvantages of a reverse mortgage.

Age of Borrower:

Property Value:

Mortgage Balance:

Cash Available:  $0