Types of Reverse Mortgages

Currently, 95% of reverse mortgages are originated using the U.S. Department of Housing & Urban Development’s HECM program.  Within the HECM program, the senior gets to choose amongst several options to insure that they receive the right loan for their particular need.  These insured programs allow the senior to:Senior couple for website

  • Eliminate monthly mortgage payments as long as you occupy the home as your primary residence
  • Never pass along a debt larger than the value of the property to your heirs (non-recourse)
  • Continue to own the home and keep your ability to pass it to your heirs
  • Receive the tax-free* proceeds how and when you wish, to use however you wish
  • Qualify based on age and value of the property.  There is never an income requirement for qualification and bad credit is okay.   
  • You can even purchase a new primary residence using a reverse mortgage

 

Call today to see if the reverse mortgage program is right for you!

 

 

*Please consult your tax advisor