Additional Reverse Mortgage Info

The American Association of Retired Persons (AARP) publishes a book titled "Home Made Money A Consumers Guide to Reverse Mortgages".

The Federal National Mortgage Association (FannieMae) publishes a book titled "Money From Home - A Guide to Understanding Reverse Mortgages".

Reverse Mortgage Calculator - Shows the lump sum or monthly payments received from a reverse mortgage - Borrowers 62 years of age and above.

WHAT IS A REVERSE MORTGAGE?

A Reverse Mortgage allows a senior homeowner (62+) to exchange a portion of the equity in their home for a Tax Free Income. A Reverse Mortgage has NO Monthly Payments required for as long as you live. A Reverse Mortgage provides Tax Free Cash that can be used for any purpose. With a Reverse Mortgage you retain the Title to your Home. That means with a Reverse Mortgage you can sell your Home at Anytime. A Reverse Mortgage allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage does not affect Social Security and Medicare. With a Reverse Mortgage there are No Income, Credit or Health Qualifications.

THE PROCESS OF A REVERSE MORTGAGE

Educate yourself about a Reverse Mortgage.
Get a free information package about a Reverse Mortgage.
Speak with a qualified lender about your option of a Reverse Mortgage.
Consult a trusted family member or financial advisor about the benefits of a Reverse Mortgage.
Schedule a counseling session with a third party, non-biased counseling group about a Reverse Mortgage.
Upon reaching a decision to pursue a Reverse Mortgage complete an application with a qualified Reverse Mortgage Specialist.
The Reverse Mortgage Specialist will begin the underwriting process by ordering an appraisal, title work, and other related documentation.
The Reverse Mortgage is submitted for final approval and then is scheduled for closing at a location convention for you.
At funding of the Reverse Mortgage you receive your Tax Free Cash.