Eligible Homeowners

• All homeowners must be at least 62 years old.
• At least one owner must live in the house most of the year.

Eligible Homes

• Single family, one-unit dwelling.
• Two-to-four unit, owner-occupied dwelling.
• Some condominiums, planned unit developments or manufactured homes.
  NOTE: Cooperatives and most mobile homes are not eligible.

How They Work

• Most require no repayment for as long as you live in your home.
• They are repaid in full when the last living borrower dies, sells the home, or permanently moves away.
• Because you make no monthly payments, the amount you owe grows larger over time. By law, you can never owe more than your home's value at the time the loan is repaid.
• You continue to own the home, so you must pay the property taxes, insurance, and repairs. If you fail to pay these, the lender can use the loan to make payments or require you to pay the loan in full.

What You Get and How Much You Get

• Reverse mortgages can be paid to you:
  - All at once in cash;
  - As a monthly income;
  - As a credit line that lets you decide how much you want and when;
  - In any combination of the above.
• The amount you get usually depends on your age, your home's value and location, and the cost of the loan. The greatest amounts typically go to the oldest owners living in the most expensive homes getting loans with the lowest costs.
• Most people get the most money from the Home Equity Conversion Mortgage (HELM), a federally insured program.

Types of Reverse Mortgages

• Loans offered by some states and local governments are generally for specific purposes, such as paying for home repairs or property taxes. These are the lowest cost reverse mortgages.
• Loans offered by some banks and mortgage companies can be used for any purpose.

The Cost of a Reverse Mortgage

• The costs for loans from banks and mortgage companies usually include the following:
  - Application fee
  - Insurance
  - Origination fee
  - Monthly service fee
  - Closing costs
  - Interest
• These costs are usually added to the loan balance (what you owe).
• HECM loans are almost always the least expensive reverse mortgage you can get from a bank or mortgage company, and in many cases are significantly less costly than other reverse mortgages.
• Reverse mortgages are most expensive in the early years of the loan and generally become less costly over time.
• Before getting a reverse mortgage other than a government or HECM loan, carefully consider how much more it will cost you.

What Else You Must Know

The federal government requires you to see a federally-approved reverse mortgage counselor as part of getting a HECM reverse mortgage.

Debt Consolidation
Debt consolidation can save you hundreds or thousands of dollars annually in high-interest credit card payments. It could help avoid bankruptcy. Whatever your credit situation, we will help lower your monthly obligations. This is what we do best.

Home Equity Loan
A Home Equity Loan allows a homeowner to borrow money by leveraging their equity, or the amount of money they have invested into owning their home. A Home Equity Loan can be either a fixed rate mortgage or an adjustable rate mortgage. Debt consolidation, home repairs, medical bills, and big expenses like a child's college tuition are all good reasons to consider applying for a Home Equity Loan.

Refinance Cash
Use your home equity to get cash for that dream vacation, big purchase, or refinance to lower your monthly payment. We’ll work hard to get the cash you need.

Home Purchase
Get the money you need for the home you want regardless of credit history. 1st time buyers are welcome.

Credit Card Debt Consolidation
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Recommended Site Resources

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