Reverse Mortgages

A Reverse Mortgage Offers Excellent Liquidity for Seniors

A Reverse Mortgage also called a Home Equity Conversion Loan allows homeowners 62 years and older an option to pay living expenses without having to sell their homes.

 Choosing between a monthly tenure payment for life, a line of credit, or a lump sum, allows the mortgage customer to take a loan amount determined by the amount of equity in their primary residence and their age.

Paying back the loan isn’t necessary until after the borrower sells the home, moves (such as into a care facility) or passes on.

 At that time, the family has 12 months to sell the home that is no longer used as the borrower’s primary residence. The estate must pay back the lender for the money borrowed from the reverse mortgage in addition to interest and other fees that accrued, then the remainder goes to the family like any other estate.

One thing we should say again and again, when you get a reverse mortgage , the lender does NOT take title to you home.


The conditions of a reverse mortgage include being 62 or older, using the home as a primary residence, and having a low balance on your mortgage or owning your home outright.

 My favorite source for this product will issue you a very snappy pre-approval  in one business day. It explains your unique situation and begins to discuss your options. It also has a very extensive frequently asked questions sections that will answer many of your questions up front. Then you will be directed to a counselor to double check that you understand the loan.

You always have the option of taking a LUMP Sum
A stream of payments for the remainder of your life as long as you live
A line of credit that is used similar to a home equity line of credit, but there is no payment.

Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck and need to add to their limited income. Social Security and Medicare benefits can not be affected; and the money is nontaxable.

Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution will not take the property away if you outlive your loan nor will you be obligated to sell your residence to pay off your loan even when the balance is determined to exceed property value.

Six Questions answered and you are on your way to a Reverse Mortgage:

Property Address:
Estimated Value of Home
Current 1st Mortgage Balance (If you have one)
Email address

Then it will take about 1 business day for us to prepare a very detailed 67 page attachment discussing your unique situation. I will then email it to you as a starting point. There is no cost or obligation. Here is an example of some of the generic questions that I will ask you. I can fill this out as we speak on the phone.

Related Links:

What’s My Home Worth

            DHL Mortgage – Your Trusted Mortgage Experts

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