Property tax and homeowners insurance must be current at all times. If you wish, the lender can setup an account and pay your taxes and insurance as they come due. However, the money to setup this account will come from your reverse mortgage proceeds and you must specify the number of years you would like the lender to pay them for. Most reverse mortgage borrowers prefer to pay their taxes and insurance themselves as the bills come due.

You retain title to your home during the period when you have a reverse mortgage, just the same as with a regular home purchase mortgage. No. The flow of payments is reversed during the term of the reverse mortgage - the lender pays you. However, you are responsible for keeping up payments for your homeowner's insurance and

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income-without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home.

A reverse mortgage comes due and must be repaid when the borrower dies or permanently moves out of the home. Similarly, if you sell your house, the reverse mortgage comes due.

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Yes, but you'll have to pay off your 'regular' mortgage at closing. You can use monies from your reverse mortgage to pay off your existing mortgage.

No monthly mortgage payments. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home. Tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits. Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

This is a federally mandated feature of the reverse mortgage process and is designed for your protection. The counselor, who is from an independent government-approved housing counseling agency, explains in detail the pro's and con's of all your reverse mortgage alternatives.

Reverse mortgage lets a homeowner to change some of the equity in his or her home into cash or regular monthly income. The ownership remains with the homeowner. This mortgage is mainly for senior people. To qualify for it, you must to be at least 62 years old and your home must be your main residence. The home needs to be "free and clear" or have a very little mortgage balance. There is no need of paying back until the last surviving borrower dies, sells the home or shifts.

When the last borrower has permanently vacated the residence, due to sale of the home, moving out of the home, or passing away, the loan will become due. Payoff includes any amounts that have been disbursed to you or others , fees associated with the reverse mortgage and accrued monthly finance charges. Once the payoff on the reverse mortgage is completed, the remaining equity in the home will go to you or your heirs. An important feature of the reverse mortgage is the "non-recourse" feature.

When you die, sell the home or move out of the home the reverse mortgage is due and payable. After paying off the reverse mortgage balance the balance of the equity goes to you or your heirs.

Only when the last remaining borrower no longer uses the home as a primary residence. At this point, repayment can be made by refinancing or by sale of the house. All remaining equity goes to the estate.

Yes. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. The funds you would receive in the reverse mortgage would be used to pay off whatever existing mortgages you have on the property.

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income to qualify for the loan, and you are required to make monthly mortgage payments. A reverse mortgage works very differently. The reverse mortgage pays you, and it is available regardless of your current income. You don't make payments, because the loan is not due as long as the house is your principal residence.

These types of loans are highly flexible and customizable. If one of the plans below doesn't fit your needs perfectly, contact us we'll put together a mortgage plan just for you! LINE OF CREDIT: Like a HELOC, a line of credit lets you get cash as needed. There is no specific time or amount you must withdraw. Money left in your line of credit increases in value each year and doesn't accrue interest.

HECM is an acronym for Home Equity Conversion Mortgage - a federally insured reverse mortgage. Otherwise, it is basically the same as any other Reverse Home Mortgage. The term HECM is used by HUD and by Reverse Mortgage Lenders that offer federally insured reverse mortgages. Interviews with Reverse Mortgage Industry Experts — Jim Mahoney from Financial Freedom and Jeff Taylor from Wells Fargo Home Mortgage.

No. Since reverse mortgage borrowers need not make monthly repayments, there are no income qualifications.

You can use the money for anything you choose, from daily living expenses, home improvements, healthcare expenses, paying off existing debts, or simply enhancing your retirement years. For many people, the money provides a "financial security blanket," in case unexpected expenses arise.

Most definitely. With most reverse mortgages you have a wide range of payment options, one of which should be ideal to meet your financial needs. You can receive equal monthly payments as long as one of the borrowers lives and continues to occupy the property as a principal residence. You can get a line of credit*; which allows you to take funds at times and in amounts of your choosing until the line of credit is exhausted.

First and foremost, the reverse mortgage must be on the borrower(s) primary residence, that is, where they live most of the year. Most reverse mortgages are taken on single family, one-unit homes. Some programs also accept two-to-four unit buildings that are owner-occupied. Some programs grant reverse mortgages on condominiums and manufactured homes built after June 1976. Mobile homes and cooperatives are generally not eligible for a reverse mortgage. Go to http://www.financialfreedom.