A reverse mortgage allows homeowners 62 years of age and older to turn some or all of their home equity into tax free income. This income can be received as a lump sum, fixed monthly income or line of credit, or a combination of any of those. The payment stream in a reverse mortgage is just how it sounds, instead of making monthly mortgage payments you actually receive them. (Your mortgage payments are eliminated).

This means for many seniors, who would have otherwise had no way to enjoy the equity in their homes without taking out a costly mortgage, can make use of their equity later in their life for a variety of purposes.

You should have some equity built up in your home in order to be considered for a reverse mortgage. That means, you should not owe more than half on your home than what it is worth.

• -You still own your home and live in your home
• -Use your reverse mortgage for anything you'd like
• -Keep your Social Security and Medicare Benefits
• -You are not taking out a second mortgage
• -You are not required to pay back the loan until you leave the home
• -Pass down your home or remaining equity

Once seniors and their adult children know the facts about reverse mortgages, they are more likely to apply for one.

Unlike other mortgages, there are no income, credit or medical requirements to be considered for a reverse mortgage. If you meet the following eligibility criteria, you may be be approved for a reverse mortgage.

• -Youngest homeowner must be 62 years of age or older
• -The home must be the primary residence
• -You should have some equity built up in the home
• -The home can be a single family home, 2-4 unit property, condo or townhome (some co-ops in New York and some mobile or manufactured homes may be considered)

Fill out the quote form on the right of this website to find out how much you are eligible for!