- Qualifying homeowners can choose to receive proceeds that are generally tax free from reverse mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit.
- No repayments are required while a borrower lives in the home (homeowners must keep property taxes, insurance and HOA dues paid current and must maintain the home as their primary residence).
- Social Security and Medicare benefits are not affected.
- Reverse mortgage lenders recover the loan amount, plus interest when the home is sold (because owners choose to move, or pass away)
- When the loan is paid in full, all remaining equity associated with the property will be distributed to your heirs.
- Single Family One-Unit Residences
- 2-4 Unit Owner-Occupied Residences
- Manufactured Homes
- Condominiums and
- Planned Unit
- Developments
- The age of the youngest borrower
- The appraised amount of the property
- Monthly income for a fixed term, or life
- Line of credit
- Lump sum
- Any combination of the above 3