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Fun & Free
Use Your Home Equity
For Cash You Need Now!
A reverse mortgage is a unique loan that enables senior homeowners to convert part of the equity in their
homes into income without having to sell the home, give up title, or take on new monthly mortgage
payments. Reverse mortgages are available to individuals 62 or older who own their home. Funds obtained
from the reverse mortgage are tax-free and there are no credit or income requirements.Borrowers can choose to receive reverse mortgage funding as a lump sum payment, monthly income, a line of credit they can draw on any time they desire, or a combination of monthly income and a line of credit. Borrowers can also use the funds anyway they wish--for home repairs, medical expenses, in-home care, education, supplemental retirement income or just to take that trip they have always dreamed of. No mortgage payments are due during the life of the loan. The loan becomes repayable when the borrower sells the home or permanently moves out. In addition, the repayment amount can never exceed the value of the home even if the home declines in value. To figure out how much money you could qualify for click on the calculator picture above and you will be taken to an AARP website. Remember that the numbers that are returned are the total that may be available and if you have existing mortgages you must deduct that amount from the total to see how much you actually qualify for. When you are finished there you can use your back button to return to this website. Also use the links below for the answers to Frequently Asked Questions or to submit an online request for a Quote. |