Reverse Mortgage Fast Facts

• All borrowers must be 62 years and older
• No repayment is made until the home is sold or the owner is permanently moves out or passes away
• You will never owe more than the value of your home
• No income qualification
• Closing costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you.
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
• Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult your tax advisor
• You own your home - the lender does not take control of the title
• Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive

Receiving your Reverse Mortgage Cash

• All at once, in a single lump sum of cash
• As a regular monthly cash advance
• As a “credit line” account that lets you decide when and how much of your available cash is paid to you
• As a combination of these payment methods.

No matter how this loan is paid out to you, you don’t have to pay anything back until you pass away, sell your home, or permanently move out of your home.