Reverse Mortgage Information

We hope you find the following additional reverse mortgage information useful. Remember that HomePlaceLoans.com is always available to answer any additional questions you may have about reverse mortgages, and help get you qualified fast!

The opposite of a traditional mortgage - a reverse mortgage pays you money! Reverse mortgages are so-called rising-debt, falling equity loans, meaning that as debt increases, home equity falls. Lenders recoup this debt - the accumulated principal and interest payments - when the home is sold. The debt can never exceed the value of the home, and any remaining equity returns to the homeowner, the estate or heirs.

If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into:

• Cash - get a cash lump sum at time of loan closing to address any current obligations
• A line of credit - access the equity in your home at your convenience
• Monthly income - get a monthly payment for a set term for life
• Combination of the three - a customized plan to meet your unique needs

 Here is some additional reverse mortgage information:

• All borrowers must be 62 years or older
• No required mortgage payments while loan is in effect
• No repayment is made until the home is sold or the owner permanently moves out or passes away
• You will never owe more than the appraised value of your home
• No income or employment qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
• Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult you tax advisor
• You own your home - the lender does not hold the title
• Closing costs and fees incurred can be financed as part of the loan

HomePlaceLoans.com is your source when it comes to a wealth of reverse mortgage information and programs. Please refer to another page on our site for additional reverse mortgage information including popular reverse mortgage myths and misconceptions. Contact us today and we will get you on the path to enjoying your retirement with an additional degree of financial flexibility and freedom!