There are several factors which will determine the amount you can borrow.  Your Reverse Mortgage counselor will review them all with you, and these include:

• How much equity you have in your house

• The appraised value of your home

• The reverse mortgage type you choose

• How old you are

• Closing costs in your area

• Current interest rates.

Generally, the older you are, the lower the interest rate is, and the higher the value of your home, the more money you can expect to receive.
You can choose to receive money in monthly payments, a large lump sump, a line of credit that appreciates with your home's value, or any combination of all three.

Remember, you can use the money however you'd like. What will you do with funds you receive from your home?

• Pay for cruises, vacations, and vacation homes?

• Help children, grandchildren, or loved ones with expenses or college tuition?

• Buy a new car?

• Keep an emergency cash fund for peace of mind?

• Make a donation to a favorite charity?

• Pay off existing mortgage?

• Avoid adding unexpected expenses to high-interest credit cards?

• Pay household bills?

• Pay for prescription drugs or unexpected hospital bills?

• Make major home repairs?

• Pay for property taxes?

Repayment
  You can pay back the Reverse Mortgage using your own private funds, or by selling the home. The loan payments you received --plus interest and any transaction fees -- are repaid when the last surviving borrower sells the home, passes away,or permanently moves out of the home. However, should you prefer to keep the home, cash repayment can be made by you or your heirs.

If your home is used to repay the loan, and the total amount of the loan is less than your home's worth, then you or your heirs are entitled to the leftover amount. This means your estate will enjoy the rising value of your home even after you take the Reverse Mortgage.

US Government Protections

To protect you and your heirs, the federal government guarantees that your reverse mortgage loan will never exceed the value of your house, no matter how long you live or how high interest rates may rise. In the event that your house sale price is less than the loan amount, the federal government will make up the difference, repaying the balance of the Reverse Mortgage for you.

Your Home is Safe

As long as the home remains the borrower's primary residence and you keep the home insured and pay your property taxes, you can never lose your home.

Further, after the last remaining resident passes away, the home will belong to your heirs, who will have the choice of keeping or selling the home. If the home is sold, the proceeds of the sale would be used to repay the mortgage, with the remainder going to your heirs.

Call us today at 1-800-619-4700!