Reverse Mortgages-How They Work

A reverse mortgage was created by the Federal Government for homeowners age 62 and over and could be considered as a financial empowerment tool.  It allows you to convert a portion of your equity into tax-free cash to supplement your monthly income without incurring a monthly loan payment…real full article

Reverse Mortgages-How To Qualify

It is surprising how simple the qualification process is for a reverse mortgage.  It is a very straight forward process…read full article

Reverse Mortgages--Payout options

You can access the proceeds of a reverse mortgage in several different ways…read full article

Reverse Mortgages-Government Involvement and Consumer Safeguards

Federal requires that you have a counseling session with an FHA approved individual counselor before submitting any reverse mortgage application to any mortgage company.  The counselor will review your loan options and explore any alternatives that may be available to you.  This session can be either face-to-face or over the phone.

Reverse Mortgages--Other Pertinent Facts 

The closing costs associated with a reverse mortgage are similar to the closing costs for a refinance or home equity line-of-credit. 

Due to the ‘Non-recourse’ feature of a reverse mortgage, you can NEVER owe more than the house is worth...read full article