FACT: With a Reverse Mortgage, just like your current mortgage, you still own your home. No one but you will be on the title to your property.
FACT: The funds you receive from your Reverse Mortgage are not considered income, therefore, the proceeds are not taxable nor will they have any effect on your Social Security or Medicare Benefits.
FACT: You as the homeowner will continue to benefit from any increase in your home value and equity. There is NO equity sharing in a Reverse Mortgage and your loan is guaranteed by HUD-FHA Insurance to always be a non-recourse loan. You will never owe more than what your home is worth.
FACT: Just like your current mortgage, you as the homeowner can sell your home at any time and there is no pre-payment penalty associated with your Reverse Mortgage. The proceeds from the sale will be applied to pay off your Reverse Mortgage Lien and the remaining equity will go to you or your heirs.
FACT: Your Reverse Mortgage eliminates your monthly mortgage payment for as long as you remain in your house, freeing up discretionary income to enjoy with your family, children and grandchildren. In addition, it allows seniors access to a portion of their accrued home equity and the freedom to enjoy the proceeds with their loved ones as they choose.
FACT: Your Reverse Mortgage is federally regulated, as are the costs and fees. The protection afforded by HUD/FHA programs require insurance and can be more expensive, however this insurance guarantees you never owe more on your home, regardless of how long you or your spouse remain in your home. This insurance amount is typically financed into your loan balance making the monthly payments nominal.
FACT: You are not required to own you home free and clear. YourReverse Mortgage can pay off your existing mortgage, thereby eliminating your monthly mortgage. All you need is sufficient home equity.
FACT: To qualify for the many benefits afforded to a Reverse Mortgage borrower, you will be asked to document that you will have the ability to continue to pay your property taxes, home owners insurance and property maintenance. An analysis of your monthly income and credit history will be ran to ensure you qualify for the programs many benefits.
FACT: Reverse Mortgages are non-recourse loans and as such, you or your heirs will never owe more than what your home is worth. Any shortfalls in equity will be covered by the required HUD-FHA Insurance that is mandated by this federally insured program.