reverse-mortgage-couple-retirementFast Facts about Reverse Mortgage

  • All borrowers must be minimum 62 years of age
  • No limit on home value
  • You retain control of the title
  • Proceeds are tax-free
  • Social Security benefits and Medicare are not affected by a reverse mortgage
  • No repayment is made until owner sells the home, moves out or passes away
  • Interest rates can be Fixed or can be Adjustable with a cap.
  • Closing costs and fees can be financed as part of the *loan.
  • FHA insured/guaranteed programs available
  • HUD regulated
  • You or your heirs will never owe more than the value of your home.
  • When loan is due, heirs can repay the loan and keep the house, or sell the house to repay the loan
    (excess proceeds pass to the heirs)
  • Interest is paid at the time the loan retires

*Independent HUD counseling fees & appraisal cost may have to be paid out of pocket.

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