Frequently Asked Questions
Q. What exactly is a “reverse” mortgage?
A. A reverse mortgage is the opportunity to utilize the equity in your home, without have to sell your home, or take out a 2nd mortgage. This money would come to you either as monthly income or lump-sum cash. The wonderful thing is that no matter your choice, both are tax free and there are NO monthly payments as long as you live in your home and it is your primary residence.
Q. Am I eligibe for a reverse mortgage?
A. If you are age 62+ and own your home, you CAN apply for a reverse mortgage. The loan application isn’t complicated, is not based on your income or credit worthiness, simply on your age and equity in your home.
Q. What amount of money am I able to obtain?
A. This is determined by a formula based on your age, the value of your home and current interest rates. Stated simply, the higher your age and value of your home, and the lower the current interest rates, the more capital (cash) is made available for your use.
Q. Are there different types of reverse mortgages?
A. Yes, and those can best be discussed after filling out our easy on-line application. Most reverse mortgages are issued by the FHA (Federal HOusing Administration) “Home Equity Conversion Mortgage” (HECM). These loan are federally insured and are available in there variations.
- Monthly adjustable version
- Annually adjustable
- Fixed rate
“FannieMae” (FNMA) offers the “Home Keeper” reverse mortgage and there are also programs targeted specifically to home with higher values.
Q. Can you tell me what are the tax concerns I’ll face with a reverse mortgage?
While we are not tax advisors and the final word should come from your tax attorney or advisor, in most instances loan advances are not taxable income.
Q. Will my reverse mortgage be safe?
A. With that we can offer your COMPLETE ASSURANCE. There is no transfer of title and you or your heirs will continue to retain any and all ownership in the the property. The lender will never own your home and you will never faill behind on your payments, there are NO PAYMENTS. And here is something very important, reverse mortgages are “non-recourse” meaning the debt cannot be passed to your heirs.
Q. Is it possible that I could lose my home?
A. THAT IS NOT POSSIBLE. As long as your home remains your primary residence, and you keep your home insurance and property taxes paid, you can never lose your home.
Q. What happen after I pass on?
A. Your estate will then make those decision and the choices are:
- Keeping the home
- Selling the home
If the decision is made to sell the home, proceeds would first be used to repay the reverse mortgage, with any remainder being passed to your heirs.
Q. I’m concerned about how this will affect my Income Tax or Social Security benefits, should I be concerned?
A. There is NO NEED for concern, money received from a reverse mortgage will not be treated income, thus will not affect Social Security. Homeowners on SSI or Medicaid should check with their respective agencies concerning those rules.
Q. I’m intested, can you tell me more specifics?
A. Most certainly, that is why we’re here. Simply take a moment to complete our online application, and we’ll be happy to have a local representative answer any and all questionis. IMPORTANT NOTE: This can be done at no cost or obligation to you.
Q. Will I receive multiple phone calls from different lender?
A. NO… most assuredly you will not. We pride ourselves on customer service and will NEVER share, sell or trade your information with anyone outside our own financial network. You will receive a phone call from one of our representatives, possibly in your own city, this call will come to the number you give us and at the time of day you choose.
Q. Would you tell me more about your company?
A. First, we are NOT a mortgage company. We have made a special arrangement with a nationally recognized mortgage firm to advise our users on the ins and outs of the reverse mortgage. The company specializes in reverse mortgages, and even trains other mortgage professionals. So, a lot of the information on this site is from them.
We realize these are tough financial times for many Americans and we’ll treat you with courtesy and respect. Everyone should make their own informed decision. It is our intent to provide information to help in the process.
If a reverse mortgage sounds like something you might like to do, please fill out this form, and we’ll see if your situation qualifies. We promise that your information will not be shared with anyone. Later, only if you consent, we may ask you if you want to be contacted by a lender (only one) who specializes in reverse mortgages.
For info on how a reverse mortgage can help you, personally, click here.
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