A reverse mortgage is a loan that allows senior homeowners, age 62 and older, to convert part of their home equity into tax free income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the borrower(s) permanently leave the home.

There are no income, health or credit requirements to obtain a reverse mortgage.  The only requirement is that the home is your primary residence.  This means that you must live in your home most of the year.

A reverse mortgage will not interfere with your Social Security or Medicare benefits as it is considered a loan and not income.  But it is always wise to consult a tax advisor.

A reverse mortgage allows you to:

• Stay in your home
• No monthly mortgage payments
• Remain independent
• Tax free money
• Use the money any way you want

There are several choices in how you receive your money.  You may choose to receive your money all at once, in a lump sum.  You may choose to receive monthly payments of equal amounts for a fixed time period.  You may also get a line of credit which allows you to take funds when you want until you credit line is spent.

You will still be able to "Leave A Legacy" as your heirs are able to obtain traditional financing to pay off the reverse mortgage.

Your reverse mortgage becomes due and must be paid in full when the Borrower(s) permanently moves out of the home. If you sell your home.   If the last surviving borrower passes away.  If the last surviving borrower fails to live in the home for 12 months due to physical or mental illness.  If you fail to pay property taxes or insurance.  If you let the property deteriorate beyond what is reasonable wear and tear.