FHA Reverse Mortgage

What is a Reverse Mortgage?

Think of a traditional mortgage in which you borrow money and make monthly payments. With a reverse mortgage it’s the opposite. You borrow money, but instead of making monthly payments, you receive monthly payments or a lump sum of money. If you are 62 years or older, you can tap into the locked up equity in your home without selling your home or making monthly payments as long as you live in your home.

Reverse Mortgage Benefits

No Monthly Mortgage Payment
No Income Qualification
No Credit Score Qualification
You Own your Home – the lender does not take control of the title
You Continue To Live In Your Home As Long As You Want
The Money You Receive Is Tax-Free

Growing popularity of the Reverse Mortgage

Until a few years ago, reverse mortgages were virtually an unknown financial tool for many older Americans. Now, over 175,000 older Americans, 62 years or older have benefited from a reverse mortgage.

At a time when it is difficult for older Americans to keep up with the financial pressures of the new economy, the message of a reverse mortgage being a logical and sometimes necessary part of financial planning is finally getting through.

Insured by the Federal Housing Administration (FHA), a reverse mortgage in many ways is a reward for the hard work you put into building the equity in your home. You can access the equity in your home and use the money tax-free without making monthly mortgage payments.

How can you use the money from a Reverse Mortgage?

Pay off credit card debt
Pay off an existing mortgage
Pay for Long-term health care or Housekeeping
Pay for medical bills or prescription drugs
Pay for home repairs and improvements
Pay for travel and vacation
Use money for whatever you need or want

No Credit Score Qualification for a Reverse Mortgage

If you own a home and you and your spouse (if you’re married) are 62 years or older, you can qualify. There is no income or credit score qualification. The amount you receive is based primarily on your age, the value of your home and current interest rates.

The home must be your primary residence
Property tax and hazard insurance must be kept current

Payment options for the Reverse Mortgage

If you are committed to staying in your home, there are several ways in which you can receive money from a reverse mortgage:

A lump sum of cash
Regular monthly payments for as long as you live in the home
Regular monthly payments for a fixed period of time
A line of credit to draw on as you need it
Or any combination of the above

Click here to visit our Reverse Mortgage web site
and request an information packet.

or email us at info@moneyideasloans.com any questions that you may have.

or call us toll-free, any time (877) 449-4535 and ask to speak with one of our Certified Reverse Mortgage Advisors.

Apply Now

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