Q.   What is a “reverse” mortgage?
A.   A reverse mortgage makes a percentage of the equity in your home available to you as monthly income or lump-sum cash, BOTH TAX FREE. NO PAYMENT is required for as long as you live and maintain the home as your primary residence.

Q.  Who is eligible for a reverse mortgage?
A.  Seniors (age 62+) who own their home can apply for a reverse mortgage. There are NO complicated credit requirements and NO income requirements.

Q.  How much money can I get?
A.  The amount available to you is determined by a formula using your age, home value, and current interest rates.  Generally speaking, the higher the age, the higher the value of the home, and the lower the level of interest rates, the more money is available.

Q.  Is there more than one reverse mortgage?
A.  Yes, there are many choices.  The overwhelming majority of reverse mortgages issued are the FHA (Federal Housing Administration) “Home Equity Conversion Mortgage” (HECM).  They are federally insured and come in three versions, the monthly adjustable version, the annually adjustable version or the fixed rate version.   “FannieMae” (FNMA) offers the “Home Keeper” reverse mortgage.  There are many proprietary programs for higher valued homes.

Q.  Will I have any tax liability for the reverse mortgage proceeds?
A.  Proceeds received from a reverse mortgage are loan advances and not treated as taxable income. For your specific situation, we recommend that you consult your tax advisor.

Q.  How safe are FHA insured reverse mortgages?
A.  They are TOTALLY SAFE. You or your heirs retain ALL ownership rights. The lender NEVER owns your home.  It is impossible to fall behind on payments because there are none to make.  And reverse mortgages are “non-recourse” mortgages so a debt CANNOT be passed to your heirs as a result of doing an FHA insured reverse mortgage.

Q.  Can a person ever loose their home?
A.  NEVER.  As long as the home remains the borrower’s primary residence, and like a traditional mortgage or home equity loan, you keep home insurance and tax payments current.

Q.  Who gets my home after my death?
A.  Your estate does.  Your heirs have the CHOICE of keeping or selling the house.  If they decide to sell the home, the proceeds of the sale would be used to repay the mortgage, with the remainder going to your heirs.

Q.  Is there any impact on my Income Tax or my Social Security benefits?
A.  NO.  Money from a reverse mortgage is not treated as income, nor does it affect Social Security. Homeowners on SSI or Medicaid should observe pertinent rules.

Q.  This sounds good.   How can I take a look at my specific situation?
A.  You can evaluate the different reverse mortgages with a no-cost, no-obligation computerized comparison of the available plans by calling the Toll Free number at the top of this page. Or fill out the form to the right to find out more!

Q.  Please tell me about your company.
A.  Our entire focus is meeting the reverse mortgage needs of our senior clientele with professionalism, sensitivity and respect. We are here to provide you with the information you need to make an informed decision