Fill out the form to the right for Quote and Free Guide >>
OR call 480-620-5321!
What is a Reverse Mortgage?
(The basics. Our free guide covers much more)
- Qualifying homeowners can choose to receive tax-free payments from Reverse Mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit or any combination of the above.
- No repayments are required while a borrower(s) lives in the home.
- Social Security and Medicare benefits are not affected.
- Title to the home remains in the homeowners names. Homeowners stay in their home as long as they are able or want to and continue to make tax and insurance payments.
- Reverse Mortgages are paid back only when the last borrower leaves the home, typically through the sale of the home by the heirs.
- When the loan is paid in full, all remaining equity associated with the property will be distributed to your heirs.
- Once the Reverse Mortgage closes, proceeds do not change due to negative economic reasons such as market downturn.
- Single Family One-Unit Residences
- 2-4 Unit Owner-Occupied Residences
- Manufatured Homes Built after 1976
- FHA Approved Comdos
- The age of the youngest borrower
- The appraised amount of the property.