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Toll Free Information
1-800-530-6434 |
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Who Can Qualify? |
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All Borrowers MUST BE
62 years of age, or older |
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Occupy the home as your principal residence |
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No credit, income or health
requirements to qualify |
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Social Security &
Medicare benefits are not affected |
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No taxes are paid on cash from Reverse Mortgages |
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You keep the title and may sell your home at any time |
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No pre-payment penalty with Reverse Mortgages |
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Cash may be used for any purpose, no restrictions |
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No repayment for as long as you occupy your home |
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This Site is for
Consumers interested in learning more about Reverse
Mortgages.
What is a Reverse Mortgage?
Allows a homeowner to convert a portion of the value in his or her
home into cash. The value built up over years can be paid back to you.
But unlike a traditional home equity loan or second mortgage, no
repayment is required until the borrower(s) no longer use the home as
their principal residence.
How much money can I get from my home?
Loan Limit: $625,500.
The amount you can borrow depends on your age, the
current interest
rate, and the appraised value of your home.
Can I still leave my home
to my heirs?
When you no longer live in your home as
your primary residence, you or your estate will repay the money you
borrowed, plus interest and other fees. The money left over after
you have repaid the Reverse Mortgage will belong to you or your estate.
None of your other assets will be affected by HUD’s Reverse Mortgage.
Can the lender take away my home if I outlive the loan?
No! Nor is
the loan due. You do not need to repay the loan as long as you or one of
the borrowers continues to live in the house and keep the taxes and
insurance current. You can never owe more than your home's value.
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