Get the Facts

Top 10 Reverse Mortgage FACTS!

1. A HECM reverse mortgage is an FHA (Federal Housing Administration) government-insured program for seniors age 62 or over living in their home as their primary residence.
2. There are No Monthly Mortgage Payments!!
3. There are NO credit, income or health requirements. Even if you are behind on your mortgage payments, you may still qualify for a reverse mortgage!!
4. All reverse mortgage proceeds are tax-free!!! (consult your tax advisor for more details)
5. You retain title to your home: You are still the owner of your home and your equity. The homeowner must continue to maintain and pay taxes and insurance on the property.
6. The HECM reverse mortgage is a non-recourse loan, which means HUD guarantees that you will never owe more than what the home is worth!! If you can’t sell your home for the amount owed on the reverse mortgage, then the government takes the loss!!
7. Your proceeds may be used for any purpose-from everyday necessities to setting aside a cash reserve.
8. There is no repayment penalty if you pay off the loan or sell your home.
9. You don’t have to own your home free and clear to obtain a reverse mortgage. The older you are, the less equity you need to qualify with no money out of pocket!!
10. Most Federal benefits, including Social Security, are not affected by your reverse mortgage proceeds.

 

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