How it Works

The application process is the same as any other loan. Your current loan (if you have one) will be paid off with your new reverse mortgage, totally eliminating any current mortgage payment you have! If you have additional equity, you can access that money - tax-free! If your home is paid off, you can use a reverse mortgage to gain access to the equity that you have worked so hard to build. As the homeowner(s), you can choose from one of four ways to receive the additional cash from your reverse mortgage:

• As a monthly payment
• In one lump sum amount
• As a line of credit
• Any combination of the above options

Since reverse mortgages allow you to make no monthly payments, the mortgage amount you owe grows larger over time. As your mortgage increases, the amount of equity you have left after selling or paying off the loan generally grows smaller. The amount owed at the conclusion of a reverse mortgage (when you no longer occupy the home) is either the amount of the home's value or the amount of the current mortgage - whichever amount is less. Also, your home will continue to appreciate just the same as if you had a regular mortgage, increasing your equity as time progresses.

As a Reverse Mortgage borrower, you will retain your place on the property's title and continue to own your home, so you will still be responsible for property taxes, insurance and repairs. No repayment is required until you no longer occupy the house.

What could you do if your mortgage payment was eliminated, or if you had additional cash? Whether you just want to have more money to enjoy your life, help support a loved one or pay off other rising bills and medical expenses, a reverse mortgage can give you immediate access to your money. Talk to a Reverse Mortgage Expert today to learn more about how a reverse mortgage could help you.

What you will need to apply for a reverse mortgage:

• Original counseling certificate provided by a third party HUD-approved reverse mortgage counselor
• Photocopies of your driver's license, social security card and birth certificate, if available
• Copy of your most recent property tax statement and homeowner's insurance bill
• Original death certificate of spouse if a widow(er). This is needed only if deceased spouse has not been removed from title to property
• Names, addresses and account numbers for any outstanding mortgage debt
• If the property is held in a trust please provide us with a copy of the trust agreement
• If the person signing has Power of Attorney for the borrower, please provide us with a copy of the Durable Power of Attorney
• If the property previously had a mortgage balance that was paid off in full, please provide us with a copy of the Satisfaction of Mortgage

Of course, if you have any questions, we're here to help!