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| Reverse mortgage loans provides tax-free income for seniors older than 62 years of age who have equity in their homes. During the term of the loan the homeowner never gives up their title and is never forced to sell the home. |
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| With a reverse mortgage, the lender sends you cash on a monthly basis, through a credit line, or as a lump sum. The amount you owe increases as you get more cash and more interest is added to your loan balance. When it is time for the loan to be repaid, the amount of equity in the home covers the outstanding loan amount. The lender is always at risk, not the homeowner, even if there is not enough equity to cover the total outstanding loan. |
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| The federal government wants to make sure that seniors are well educated and are provided financial counseling before proceeding with a reverse mortgage loan. You will never give up your title and you will always have a place to call home. The federally insured mortgages are backed by HUD for extra protections and all lenders must follow a set of best practices. |
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