"The only way we could comfortably stay in our home of 42 years."
The Experts
Excelling in Service
Excelling in Service
651-762-9648
1-877-590-9648
A Division of Greenleaf Financial, LLC MO 173899
"Home is where we start from." T.S. Elliot |
A Reverse Mortgage is a mortgage that allows a homeowner 62 or older to use the equity in your home to receive cash while continuing to own and live in it.
Reverse Mortgages are different from conventional home equity loans:
- No income or credit qualifications
- No monthly or immediate repayments
- Re-paid when the home is no longer the primary residence of the borrower(s)
- FHA insured Home Equity Conversion Mortgage (HECM)
- Proprietary programs (programs owned by private or public companies)
To become familiar with terms used in association with reverse mortgages visit our Reverse Mortgage Dictionary.
- You are a homeowner 62 years old or older
- Your home is your primary residence
- You have enough proceeds to pay off any current mortgages or liens, if there are any
- Your home meets HUD minimum property standards or can be brought up to their standards using the Reverse Mortgage proceeds
- to use cash from your substantial equity now
- to stay in their home of many years
- to eliminate the current mortgage payments
- funds for estate, financial, or long-term care planning
- to move to a smaller home, purchase a 2nd home or investment property without mortgage payments
- cash to pay bills, fulfill dreams, or meet goals
Tom's health was failing and his family wanted him to stay in his home rather than move to a nursing home. To afford the necessary home health care, a Reverse Mortgage was done.
- Retain ownership of home
- Access immediate cash - generally not considered taxable income
- Receive cash to be used for any purpose
- Receive a tenure or term monthly payment, a line of credit, a lump sum or a combination of these to meet your needs
- Ease financial worries and pressures
- Stay in home longer
- Maintain or raise current standard of living
Earl and Ruth did a Reverse Mortgage to be prepared for an emergency if something were to happen to one of them.
Back to Top- Instead of making payments, borrowers receive money in monthly payments, line of credit, lump sum, or a combination of these.
- The HECM is a government insured program.
- The loan amount depends on the age of the borrower(s), appraised value of the home or the mortgage lending limits (whichever is less), the current interest rate, and the program chosen.
- Loan origination and closing costs are financed by the loan.
- Social Security and Medicare are not affected and generally not SSI or other public benefits. (consult with legal services for your situation)
- Available balance on line of credit grows.
- No personal liability; borrowers or their estate are never required to pay more than the value of the home as long as they are not retaining ownership.
- Equity remaining after the payment of the loan is the borrowers or their heirs.
- In the case of joint borrowers, when one of them dies, the mortgage stays in place as long as the other borrower has the home as their primary residence.
- Borrowers are required to receive free third-party counseling to help them determine if a Reverse Mortgage is right for them.
Frank and Emma were a vibrant 90 and 86 year old couple. They found that each month they were short money to even buy milk. Their son-in-law and daughter assisted them in obtaining the Reverse Mortgage. They are so pleased that they now can live more comfortably. They used the proceeds to receive a monthly payments to supplement their Social Security. They also took out a lump sum to fix up their home and left enough in their line of credit to use as future needs arise.Would a Reverse Mortgage help you? Call: Reverse Mortgages SIDAC The Experts Excelling In Service 651-762-9648 Toll free: 1-877-590-9648 |  Minnesota Residents Call Us to learn how to receive a FREE copy of the reverse mortgage guide, Understanding Reverse Mortgages, a book written in a simple format, providing the necessary information and knowledge to comprehend the basics of Reverse Mortgage. |
FAQ Myths and Truths Positives and Negatives Reverse Mortgage Dictionary
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Reverse Mortgages SIDAC The Experts Excelling In Service providing Security, Independence, Dignity, and Control by helping senior homeowners over 62 convert the equity of their home into cash, faster and easier, with reverse mortgages.©
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