Reverse Mortgage Information

Welcome to our reverse mortgage information site. Here we provide free reverse mortage info for senior citizens who maybe considering a reverse home equity loan. We encourage you to check out the information available on our site so you can make the right decision for you. You will also find out about the different types of mortgages and also links to reverse mortgage lenders.

Many senior citizens were not able to save money for their retirement years, and are now dependent upon social security for their monthly income. In addition to having to make monthly mortgage payments, local property taxes frequently go up to support town services and schools. Eventually, many retired people reach the point where they feel they have to sell their family home and move to a less expensive living situation. But there is another alternative - a reverse mortgage.

It is hard to believe that a bank will pay you money so you can stay in your home, rather than the other way around. But if you have equity in your home, (what it would sell for less what you still owe) it is easy to obtain a reverse mortgage. The money you obtain from the bank does not have to be paid back until you cease to occupy the house as your principal residence. That is, until you or the last remaining spouse sell the home, pass away or move out permanently.

Reverse mortgages were created in 1989 and are available to homeowners age sixty-two and older. Types of homes that are eligible include single-family; manufactured homes built after June, 1976; and qualified condominiums and townhouses. Mobile homes generally do not qualify nor do cooperatives.

The money you receive from a reverse mortgage can be used for just about any purpose. People use the funds for repairs and home improvements, as a supplement to their monthly income, paying property taxes and health insurance premiums, or paying off credit cards.

Unlike a regular mortgage, there are no income requirements to qualify. You are simply borrowing from the equity you have accumulated in your home that you don't have to pay back until you leave the home permanently.

The money can be loaned to you as a lump sum, a fixed monthly payment or as a line of credit that you use whenever you need it. The amount of money that will be loaned to you depends upon the age of the youngest person who is taking out the reverse mortgage, the appraised value of the home, current interest rates and the town where the home is located. The older you are and the more equity in the home, the more money you will receive. The other good news is that the loan from a reverse mortgage is tax free.

So before you put out that For Sale sign, look into the potential opportunities offered by a reverse mortgage.

There are several types of loans available such as:
1. Home Equity Conversion Mortgage (HECM)
2. Fannie Mae Home Keeper Loan
3. Financial Freedom Cash Account

Reverse Mortgage loans are available in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia and Wisconsin

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