Enjoy your financial independence in retirement with a Reverse Mortgage

A reverse mortgage lets you access a portion of your home's equity and use it for things you need. You keep the title to your home, and can continue to live in it without having to make monthly reverse mortgage payments.

I think it best to provide you with a brief overview of what a reverse mortgage is, how popular it is, and how it came to being.

The Home Equity Conversion Mortgage is the FHA's reverse mortgage program that enables you, the homeowner to withdraw some of the equity you have locked in your home.

Many seniors just like you use it to: ü Supplement Social Security ü Meet Unexpected Medical Expenses ü Make Home Improvements ü And Much - Much More!

Reverse mortgages are becoming VERY Popular in America.

A Reverse Mortgage is a government backed loan that allows homeowner(s) the age of 62 or older to pull off the equity built up in their home. The best part about this loan, is that it requires no repayment until the homeowner(s) no longer live in the home. This federally insured loan was created by The United States Department of Housing and Urban Development (or HUD) to help the seniors meet their ever increasing monetary needs, and be able to sleep easier at night.

Reverse Mortgages have no income or credit requirements so even if you are behind on your current payments, it is possible you can qualify.

Reverse Mortgages are non-recourse loans. This means that if, when the home is sold, it is worth less that you owe you are not held responsible for the difference. You will not have to repay more than the value of your home.

A reverse mortgage loan is a lending program available only to seniors. After you leave the home or pass away, the loan balance is repaid from the sale of the home. If there is money leftover it would go into your estate and be passed on to your heirs. So, in essence the loan never has to be paid back until you no longer need the home.

A great aspect of the reverse mortgage Is, the income is tax free and will not count against you in receiving Medicare benefits. The funds received from a reverse mortgage can come in handy, and can be used in any way you choose.

To be eligible for a FHA HECM, the FHA requires that you: Be a homeowner 62 years of age or older, Own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. .

The reverse mortgage is different than any other mortgage because it pays you and is available regardless of your current income.

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home, sales price or FHA's mortgage limits, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you may borrow.

With a reverse mortgage, you don't make monthly principal and interest payments because the lender pays you according to the payment plan you select.

With A Reverse Mortgage You CANNOT Be Foreclosed On!

If you outlive a reverse mortgage loan, your lender cannot take away your home. The federal government guarantees that the loan need not be repaid so long as you or another borrower continues to live in the home and keep current on taxes and insurance.

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees. The remaining equity in your home belongs to your heirs.

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home. Generally, the more valuable your home is, the older you are, the lower the interest, the more you may borrow.

Payment can be had in a combination of ways - pretty much however you want the money, you can get it.

Am I Going To Be Taxed On The Income From My Reverse Mortgage?

Tax Free Money - The money you receive from your reverse mortgage is tax free. You do have to continue to pay your property taxes, homeowners insurance and other related expenses.