Reverse Mortgages allow a homeowner to convert a portion of the equity in their home into cash. No repayment is required until the borrower(s) no longer use home as their principal residence.
- All borrowers MUST BE 62 years of age, or older
- Must occupy the home as your principal residence
- No credit, income or health requirements to qualify
- Social Security and Medicare benefits are not affected
- No Taxes on cash drawn from reverse mortgage
- No restrictions on funds usage
- Property title stays with you
- You may sell your home at any time without any penalties
- No repayment for as long as you occupy your home
Click here to read “Top Ten Things to Know if You’re Interested in a Reverse Mortgage”
Click here to read “Use Your Home to Stay at Home™ A Guide for Older Homeowners Who Need Help Now”
HUD information on preparing for your counseling session :
Bilingual Counselor available in Korean, and translators available in Chinese, Vietnamese, Filipino and Spanish.
Contact us to make an appointment for an educational session.
<<< Reverse Mortgage Default Services for senior homeowners… If you are currently in default with property taxes and homeowner’s insurance premiums, and/or, received a letter from your lender with a notification of loan becoming due, or a letter of intent to foreclosure, please contact us for a workout plan. We have a reverse mortgage expert counselor available to help. >>>