FAQ

How Do I Qualify?

In order to qualify for a Reverse Mortgage, you must:
- Be at least 62 years old
- Occupy the property as your primary residence
- Pay off any existing liens at the time of settlement
- Attend a free, informal session with a housing counselor

How Can I Use The Money?

You can use the money from any reason. Some of the most common uses
include:
- Paying off existing mortgages
- Paying off credit card debts
- Doing home improvements
- Supplementing income
- Paying for in-home health care
- Traveling
- Purchasing long-term care insurance
- Helping family members

How Much Money Can I Get?
The amount of money you receive depends on three factors: your age, the
appraised value of your home, and current interest rates. Our
representatives will work with you to determine how much of your home
equity is available.

How Do I Get The Money?
How you receive the money depends exclusively on your needs. the
payment options include:

Lump Sum Payment: You may take all of the available money at once.

Line of Credit: You leave the money in an account until a need arises. When
left in the account, this money will grow to give you access to more funds in
the future.

Tenure Plan: You may receive a certain amount of money monthly
throughout your life.

Term Plan: You may receive a certain amount of money over a specified
number of years until the funds are exhausted.

You may combine any or all of these options and change payment plans
whenever you like in order to customize a plan that best meets your needs.

How Is the Reverse Mortgage Repaid?

The loan becomes due when you no longer live in the property. You or your
estate may settle the loan by either selling the property, or refinancing the
mortgage.

Will I Ever Have to Leave My Home?

When you participate in the Reverse Mortgage, you have three
responsibilities: occupy the home as your primary residence, pay
homeowners insurance, and pay property taxes. As long as you fulfill these
obligations, you can NEVER be forced from your home. Even if you have
used all of the funds, you can NEVER be forced to leave your home.

Will My Heirs Owe Anything?

The estate will be responsible only for the money you used plus interest up
to the value of the property. Your heirs will receive the remaining equity.
Even if the money you owe is greater than the property value, the federal
government guarantees protection to your heirs through the Mortgage
Insurance Program.

What's The Catch?

We get this question a lot. The answer is, very little. Your name remains on
the title, you are free from a monthly mortgage payment and repayment is
only due when you no longer live in the home. True, the equity in the home
will be less, but you are responsible only for money taken up to the value of
the property. Repayment cannot exceed the value of the home and you can
never be forced to sell or move from your home as long as you live there.