HOW MUCH DO I QUALIFY FOR
Questions and Answers
1. Does the bank take my house?
No. A reverse mortgage is a lien just like a traditional mortgage. You retain ownership to your home.
2. Do I get taxed on the money I receive from my reverse mortgage?
The equity in your home is considered your money and not additional income. All the funds from a reverse mortgage are tax free.
3. What costs are associated with a reverse mortgage?
The costs of a "forward" loan are very similar to a reverse loan. For example, an origination fee is paid to the broker/lender, a MIP (mortgage insurance premium) is paid to HUD on the HECM loans, an appraisal fee, a flood certificate fee, a doc prep fee, title and escrow fees, and other standard closing costs.
WHAT IS A REVERSE MORTGAGE?
A Reverse Mortgage is a special type of home loan that enables a senior homeowner 62 years of age or older to access a portion of their equity, tax-free, based on their age, home value and the current interest rate. Unlike traditional home loans or second mortgages, no repayment is required until the homeowner(s) no longer occupy the property as their primary residence.
GETTING STARTED IS EASY
The following step-by-step plan will start toward financial feedom and there is no obligation.
Step 1. Get the facts from a Reverse Mortgage Specialist
Call Reverse Mortgage Resources at (800)680-8015 and speak with a mortgage speacialist.
