Introduction
Imagine living in your home mortgage free, or enjoying a tax free income for life benefiting from the years you've invested in your home. A reverse mortgage is a unique tool designed for seniors 62 and older. You enjoy access to part of the equity in your home and the freedom and comfort of the home you've known for so many years. It's your home, now you can put it to work for you.
Reverse mortgage borrowers retain ownership and title to their home. It's yours just as it was before, but now you can benefit from the equity that's been building in your home for years. In addition, HECM reverse mortgage loans give you the peace of mind of a government guaranteed FHA backed loan where you will never owe more than the home is worth. You can get a reverse mortgage on your primary residence and no repayment is due until the last borrower passes away or permanently leaves the home.
As a protection all those seeking a reverse mortgage are required to obtain HUD counseling (from an independent third party) prior to incurring any costs associated with the loan. While proceeds from a reverse mortgage are tax free, borrowers should seek tax advice on how proceeds may effect government needs-based programs such as Medic-Aide and Medi-Cal.
- The Facts
- - A Reverse mortgage is a specialized loan for seniors 62 and older
- - A reverse mortgage allows seniors to access a portion of the equity in their home.
- - Borrowers maintain title and ownership of their home.
- - Proceeds from a reverse mortgage are tax free but borrowers should seek tax advice on how proceeds may effect government needs-based programs such as Medic-Aide and Medi-Cal.
- - It is not a government grant, but a loan that is repaid in the future when the last borrower dies or permanently leaves their residence
- - A reverse mortgage is eligible only for the borrower's primary or principle residence
- - HUD counseling (from an independent third party) is required prior to the borrower incurring any costs associated with the loan
How Much Do you Qualify For?
Reverse Mortgage Calculator
Reverse mortgage calculator courtesy of ReverseVisionHow it works
Get the cash you need. A reverse mortgage can help.
Is a Reverse Mortgage Right for You?
Top 10 Reverse Mortgage Questions.
Reverse Mortgage Testimonials
"Selling my home seemed the only way out of my financial troubles. But it would have been like selling my memories. With a reverse mortgage, I no longer had to face that difficult choice."