A reverse mortgage is a FHA loan from the U.S. Department of Housing and Urban Development (HUD). Reverse mortgages are helping older Americans across the country achive great financial security and enjoyment of their retirement years to the fullest.

Why are so many seniors taking advantage of the Reverse Mortgage?

• Seniors want to stay independent in their own home.
• They do not want to burden their children with financial demands.
• Retirement and pension plans are not providing as much cash.
• Medical expenses are rising Seniors month to month income is not meeting their needs.
• The loan is secured and regulated by the United States Government.
• No home debt passes to heirs.
• There are few restrictions on the use of the cash.

What do seniors do with the extra income? There's so many options, here's a few:

• Update or make repairs to their home.
• Pay off current mortgage on the home.
• Pay property taxes on the home.
• Hire in-home health care.
• Purchase long-term care insurance.
• Travel.
• Purchase a new car.
• Purchase a special gift.
• Send a grandchild to college.
• Enjoy the security of having additional income each month.
• Your personal financial advisor will help you determine how to best use your proceeds.

A few more details you may not have heard...

• The monthly income is guaranteed.
• No repayment is made until the home is sold or the owner is no longer living in the home.
• You will never owe more than the value of your home.
• Social Security benefits and Medicare are generally not affected.
• The title of your home stays within your name and passes to your heirs.
• The program guarantees no debt will pass to your heirs.
• The release of equity is tax-free income.
• 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.
• There are no monthly payments required from you.
• There is no income or credit verification required.
• Closing costs and fees incurred can be financed as part of the loan; there is no zero to minimal out of pocket costs to you.
• You are guaranteed to stay on your home as long as you like.