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Licenses numbers:
DRE: 01515138
NMLS: 363205

Reverse Mortgage – The Basics

• The loan amount is based upon age, the lower of FHA’s lending limit of $679,650.00 or the appraised value of the home and FHA’s interest rate.
• A loan that allows homeowners age 62+ to convert home equity into cash while living at home for as long as you desire.
  
• Can receive payments as a lump sum, line of credit, monthly payments (for up to life in the home).
  
• Funds are tax-free and can be used for any purpose.
  
• Loan comes due when the last remaining borrower moves out, dies, or sells the home.
• It is the homeowners' responsibilities to stay current on taxes and insurance and keep the home maintained, as conditions of loan.

Benefits of Reverse Mortgage

• Homeowner ALWAYS retains title
  
• Pay for immediate needs
  
• Flexibility to get the things you want when you need them
  
• Additional funds to help avoid a cash flow crunch
  
• Fill gaps in existing financial plans

Reverse mortgages empower senior home owners by allowing them to:

• Maintain financial independence
  
• Control their accumulated home appreciation

*Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving free counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions. This material is not from HUD or FHA and has not been approved by HUD or a government agency.

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