Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.

The term "Reverse Mortgage" in and of itself can be confusing.  It may be simply better to state that this is a way to use equity to improve your quality of life, equity that has been largely unused up to this time.  It is a loan, a mortgage.  But, the homeowner makes no payments as long as they continue use the home as their primary residence.

Simple facts include:

You must be age 62 or more.

You still own your home. 

Activating your equity to create an "income" is not considered income by the IRS, Social Security, or Medicare.

A Home Equity Conversion Loan (reverse mortgage) does not depend on your credit worthiness.

The most poular programs are federally insured.

You may use the money for any purpose you wish, or need.  Some make home improvements.  Others create a draw that supplements a pension or social security.  And if you have always wanted to see the world, you may do that as well.  On a more serious note, many seniors will find a reverse mortgage priceless as it may allow a senior citizen to pay for medical expenses if ever required.  The possibilities are as varied as one individual varies from another. 

The amount of money that may be accessed depends on the borrower's age, equity, and home value.

In our office, both Branch Manager Mike Ketchel and Martin K. Elliott, Ph.D. specialize in assisting seniors with deciding if a reverse mortgage is the right choice, choosing the right reverse mortgage product, and making sure the process is not complicated. 

Do you have questions about reverse mortgages and would like someone to break it all down in an easy to understand way?  Is there a family member who you feel might benefit from a reverse mortgage?  We can help. 

Reverse mortgages can offer financial peace of mind to many seniors; and, for many, a reverse mortgage may well be the best financial choice to make.  And for some, it may not be.  We'll explain your options, help you make the right choice.  Please call for a private and confidential consultation, at no obligation.  Each person's needs are unique.  You have our word that you and your family members will be treated with the utmost respect and courtesy. 

925-240-5278