ATTENTION ALL SENIORS 62 OR OLDER

The following myths are out there about Reverse Mortgages:

1. You lose title to your home
2. Your heirs lose out on their rightful share of your equity
3. Borrowers has to leave their home

The Truth:

Reverse Mortgages are non-recourse that allow homeowners age 62 years or older to convert home equity into cash

1. No monthly payments - pay only taxes and insurance on your home
2. Borrower can stay in their home
3. No Credit or Income Qualification
4. Repayment is made when senior moves out of their home or passes away
5. Proceeds of home equity cash are tax free and can be paid in lump sum payment, monthly payments, a cash account on which to draw or a combination thereof
6. In case of death of homeowner, heirs receive equity of the home after the mortgage is paid off.  If more is owed on the home than the sales price, the shortage is forgiven.

Reverse Mortgages are useful for:

• Hospital/Health Care Cost
• To repay existing mortgages
• Reduce burden on children
• Home Repair/Improvement
• Pay property taxes
• Daily expenses
• Travel or just something special

Loan proceeds available to borrower are based on three main factors

• Age of homeowner(s)
• Value and Location of Home
• Current interest rates

Loan is repaid at permanent move out and repayment NEVER exceeds  value of home.

Amount repaid is principal, accrued interest and service fees.

According to an AARP Study, 85% of senior homeowners want to remain in their homes.  Fannie Mae studies show a 90+% satisfaction rate