Reverse mortgages

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What is a Reverse Mortgage

The most popular and safest Reverse Mortgage is called a Home Equity Conversion Mortgage (HECM). HECM reverse mortgages are not new! They have been changing the lives of senior homeowners since 1989. HECM reverse mortgages are federally insured, non-recourse loans that allow homeowners 62 years of age or older to convert some of their home equity into tax free cash (consult your tax advisor). The best part is that there are NO repayments to be made for as long as you live in your home. You are still responsible for keeping your property taxes and homeowners insurance current as well as keeping your home in good repair. Single family homes, FHA approved condos, townhomes, 2-4 unit homes, modular homes and manufactured homes that meet FHA guidelines are eligible as long as they are your primary residence. There are many misconceptions about reverse mortgages so do yourself a huge favor and talk to a reverse mortgage specialist to get accurate information

Why Get a Reverse Mortgage

They are certainly not for everyone. That being said if you are finding yourself financially strapped; why suffer needlessly? If you have equity in your home, why not use it? Here is the answer to your financial hardship. You still maintain ownership so you can still leave your home to your heirs. Unlike a home equity line of credit, there are no monthly repayments to be made for as long as you live in your home. Are you behind on your payments? This could save your home from foreclosure. Now is the time to enjoy life! There are many uses for a reverse mortgage such as: pay off current mortgage, everyday living expenses, medical expenses, health insurance, long-term care insurance, eliminate debt such as high interest rate credit cards, home renovation or modification, help your family or pay for a grandchild’s education. The list goes on and on…

How do I Qualify

If you and your spouse/partner are 62 or older and have sufficient equity in your primary residence, you should qualify. Unlike traditional mortgages, qualification is not based on income or credit score. You DO NOT have to own your home free and clear. The reverse mortgage is used first and foremost to pay off your current mortgage (if you have one). If you own your home free and clear, that just means that there is more available for you since there is not a mortgage to pay off.

Reverse Mortgages Are the Best Solution for the Elderly to Cash out on their Home

The beautiful thing about a HECM is that it can be structured to suit your needs. You can receive the loan proceeds as a lump sum of cash, line of credit to be used as needed, you can receive monthly payments from the lender that continue for as long as you live in your home or you can do a combination of all 3.

There are 3 types of HECM reverse mortgages – Traditional, HECM Saver and HECM Purchase. Yes! You can even use a reverse mortgage to purchase a home! Talk to your reverse mortgage specialist to discuss your options and your situation to determine which option is best suited for you.

It sounds too good to be true…

I hear this every day. Here’s the truth. This is an amazing program for the right person. You should be educated about a reverse mortgage, not just sold a reverse mortgage. It’s life changing for many. Let’s face it; these are tough economic times. Many senior homeowners are crying the blues. They may be facing foreclosure or they have lost money in the stock market. Life is expensive and people are living longer. Most never dreamed retirement would be this challenging. Many, if not most seniors are living on a fixed income and they are strapped for cash. Here is a fantastic way to supplement your monthly income. Life is too short to not enjoy yourself. You have worked very hard building up the equity in your home. Why not use that equity to relieve the constant worry of monthly financial obligations? You can be financially secure: really. People are searching for an answer to their financial hardship – Here it is…

My kids are against it!

Most adult children of senior homeowners have their own bills to pay and as much as they would like to help, they are not in a financial position to support their parents. They would rather you get a reverse mortgage to relieve the burden of monthly bills and to have a better quality of life.

Just ask them…

Will a Reverse Mortgage affect me Social Security, Medicare or Pension?

No. However, if you receive Medicaid, you need to let your reverse mortgage specialist know so the loan can be structured appropriately.

What are my responsibilities?

You must continue to pay your property taxes, homeowners insurance as well as keep your home in good repair. If you have a condo fee or homeowner’s association (HOA) fee, these must be paid as well.

For more information and to receive a free personalized Reverse Mortgage Quote today fill out your information above and we will have a representative contact you back right away.

We also are proud to specialize in the Structured Settlement Field . So if you are looking for extra money to fund your retirement we can help. From buying out your pension, annuities, lottery payments, or any hospital accident in which a substantial damage has been awarded and you are looking to get that cash right away we will be glad to assist you.