A What Is A Reversible Mortgage is a new government sponsored loan that allows seniors over the age of 62 to use the equity they’ve built up in their homes over the years to knock down the barriers to independent living. By converting the equity in your home into income a What Is A Reversible Mortgage is a way to stay in your home and receive tax free cash for any purpose- day to day expenses, remodeling, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.

If you want to learn how a What Is A Reversible Mortgage will work for you, the first step is to meet with a loan advisor who will visit with you in your home and explain the income options and costs. The amount of funds available is based upon the appraised value of your home, the borrowers age, and current interest rates You still hold title to the property and remain in control of the home. Also, you continue to have the responsibility to maintain the home and pay property taxes and insurance premiums.

Social security, Medicare, and retirement are not affected by a What Is A Reversible Mortgage, and you will never owe more than the market value of your home. There’s no income qualification, and the origination fees and closing costs are financed from the proceeds of the loan. The loan matures when you sell the home, move, or pass away. At that point your heirs can repay the loan and keep the house, or sell the house to repay the loan.