Reverse Mortgages
For many Americans retirement is a mixed blessing. On one hand it is a time to enjoy family and friends, explore special interests, cultivate new skills and enjoy living 
to the fullest. But retirement years can present special challenges. All too often people find themselves in need of extra income just to keep up. A reverse mortgage can help older americans live in their home comfortably and securelyy by potentially turning equity in their home into extra cash or monthly income. For many people, a reverse mortgage can be a solid financial solution that may help eliminate financial concerns.
If you are 62 years of age or older and have equity in your home, you can use a reverse mortgage to turn that equity into cash, a line of credit, monthly income or a combination thereof. Unlike a traditional mortgage, there are no required monthly mortgage payments and the proceeds are tax-free. There is no income qualification. Best of all, you retain title to your home.
How are people utilizing Reverse Mortgages?
* Funding Home Repairs
* Paying off credit cards or reducing debt
* Eliminate existing mortgage payments
* Pay for Home Care Services
* Enjoying additional leisure activities
Commonly Asked Questions
Q. How much money can I receive?
A. The amount of money you receive is dependent upon several factors: your age, the value of your home, current interest rates and the specific plan you choose. while each individual's situation is different, as a rule of thumb the older you are and the higher your home's appraised value, the more money you receive.
Q. What are the costs associates with a reverse mortgage?
A. Costs vary from one program to another. Most reverse mortgages have costs similar to traditional mortgages such as interest charges, origination fees, closing costs, inspections and insurance. It is important to note that most, if not all of these fees can be rolled into the mortgage so that the homeowner has little "out-of pocket" expense.
Q. When does the loan become due and payable?
A. As long as property taxes and home insurance are paid, and the home is kept in good repair, the loan is due and payable when the borrower sells the property, permanently leaves, or passes away.
Q. Are there any restrictions on what I can do with my money?
A. You can use the proceeds to whatever end you choose. After all, it is your money!
Q. Whose name is on the title?
A. Yours. The borrower retains title to the property. A reverse mortgage is a lien just like a traditional mortgage.
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"A Consumer Guide to Reverse Mortgages"