If you are a senior, at least 62 years old, a Reverse Mortgage, utilizing a portion of your home equity, may be the right solution for your financial needs even if you presently have an outstanding mortgage.  With a Reverse Mortgage, the amount of money you can receive is determined by the value of your home, your age, and current interest rates.  The older you are, the more money you can receive.  The Reverse Mortgage requires no further mortgage payments. You do, however, need to pay property taxes and insurance and maintain the house.  You can never lose your home and you continue to retain ownership.  Title to the property always remains in your name.  Depending on your individual situation, you can do the following with your Reverse Mortgage money:

a) Pay off your existing mortgage;

b) Receive all of the money in a lump sum to spend as you desire;

c) Receive a check each month for as long as you live in your home or for a certain number of years;

d) Establish a line of credit that you can draw against; or

e) Some combination of the above.

The Reverse Mortgage must be repaid if you die, move into a nursing home, or sell your house.  If you die and leave the home to your children, they can take out a conventional mortgage and repay the Reverse Mortgage, or they can sell the home and keep the balance after the Reverse Mortgage is paid off.

If you would like to arrange to speak with an attorney for a free consultation to evaluate your situation, call toll-free:  1-888-332-8066.  Or, you can complete and submit our online application by clicking here.