MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 Reverse mortgage, also known as Home Equity Conversion Mortgage (HECM) are special loans specifically made for older homeowners. A reverse mortgage allows borrower to convert a portion of the equity on your home now into cash. Over the years there is equity that is built up on your home from making mortgage payments. This loans converts that equity and can be paid to you. However, these loans do not require monthly mortgage payments. Instead the interest is added to the loan balance each month. You only have to pay the loan until the borrower is no longer using the home as their principal residence or they fail to meet the obligations of the mortgage. These loans can also be used to purchase a primary residence What are the qualifications? To qualify for a reverse mortgage you must be a homeowner of 62 years or older. You must own your home outright, or have a low mortgage balance that can be paid off at closing with the savings from the revers loan. You must have a financial resource to pay ongoing property charges like taxes and insurance. You must live in the home as your primary residence and you must work with a reverse mortgage counselor prior to obtaining the loan. Is my home eligible? All homes that are single family homes or a 2-4 unit home with at least one unit occupied by the borrow your are eligible. There is a list of HUD- approved condos that meet the FHA requirements that are also eligible for a reverse loan. For this program there are a number of ways you can receive the payments: Tenure – these are equal monthly payments as long as at least one borrower lives in the property as a primary residence. Term- monthly payments for a fixed period of time. Line of credit- Unscheduled payments at the time of the borrower’s choosing until the credit line is exhausted. These loans are commonly used for home renovations, medical expenses, and daily expenses. The reverse mortgage can be used to pay off existing mortgages, and alleviate of some finical stress. If you or a family member might qualify for a Revers mortgage check out your options and start getting rid of your mortgage today.

1. Reverse
Mortgages
MORTGAGE.INFO
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LENDER HOTLINE: 888-581-5008

2. Reverse mortgage, also known as Home Equity
Conversion Mortgage (HECM) are special loans
specifically made for older homeowners. A reverse
mortgage allows borrower to convert a portion of
the equity on your home now into cash.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

3. Over the years there is equity that is built
up on your home from making mortgage
payments. This loans converts that equity
and can be paid to you. However, these loans
do not require monthly mortgage payments.
Instead the interest is added to the loan
balance each month. You only have to pay the
loan until the borrower is no longer using
the home as their principal residence or
they fail to meet the obligations of the
mortgage. These loans can also be used to
purchase a primary residence
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

4. What are the qualifications?
To qualify for a reverse mortgage you must
be a homeowner of 62 years or older. You
must own your home outright, or have a low
mortgage balance that can be paid off at
closing with the savings from the revers
loan. You must have a financial resource to
pay ongoing property charges like taxes and
insurance. You must live in the home as your
primary residence and you must work with a
reverse mortgage counselor prior to
obtaining the loan.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

5. Is my home eligible?
All homes that are single family homes
or a 2-4 unit home with at least one
unit occupied by the borrow your are
eligible. There is a list of HUD-
approved condos that meet the FHA
requirements that are also eligible for
a reverse loan.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

6. For this program there are a number of
ways you can receive the payments:
Tenure – these are equal monthly payments as
long as at least one borrower lives in the
property as a primary residence.
Term- monthly payments for a fixed period of
time.
Line of credit- Unscheduled payments at the
time of the borrower’s choosing until the
credit line is exhausted.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

7. These loans are commonly used for home
renovations, medical expenses, and daily
expenses. The reverse mortgage can be
used to pay off existing mortgages, and
alleviate of some finical stress. If you or
a family member might qualify for a
Revers mortgage check out your options
and start getting rid of your mortgage
today.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

8. T O L E A R N M O R E
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C L IC K HE R E
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9. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
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10. LEARN MORE ABOUT MORTGAGE.INFO
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