Reverse Mortgage Loans:

A Reverse Mortgage essentially converts a portion of the equity in your primary home into an annuity, which can be accessed in a lump sum, or as an available account from which you can make withdrawals as needed, or via regular income payments. Although interest is added to the loan balance, no repayment is required for as long as you or your spouse continue to reside in the property.

The amount of equity that can be borrowed is based on the age of the youngest spouse. The greater the current age of that spouse, the greater will be the percentage of equity that can be accessed.

In addition to applying for the loan, the borrower(s) must meet with a qualified Reverse Mortgage counselor. This is an independent third party, who is knowledgeable about the program and has no financial interest in the placement of the loan.

While the Reverse Mortgage is not right for everyone, it can provide an economical solution to the problem maintain one's lifestyle during retirement.

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