Reverse the Future
What is a Reverse Mortgage?
Based on the final totals in the 2010 calendar year, 670,521 Senior Citizens have benefited from the FHA insured Reverse Mortgage since the program began in 1989. Although the program has been in existence for twenty one years, two out of three loans have been done in just the past four years. That total is 425,007 Reverse Mortgages. These numbers show how popular the program has become for many senior citizens in the recent past.
To learn more about how Reverse Mortgages work, please click here.
Reverse Mortgages Resources
- HUD Website - Reverse Mortgages for Seniors
- HUD Website - Top 10 things to know about Reverse Mortgages
- AARP Website - Reverse Mortgages
- Home Made Money: A Consumers Guide to Reverse Mortgages
- It is also available in Spanish, "Dinero hecho en casa"
- National Council On Aging (NCOA)
- Use Your Home to Stay at Home
The Seniors Home Reverse Mortgage Blog
There are many reasons to celebrate our modern day healthcare. We are living longer & our quality of life is better today than at anytime in the history of the world. Doctors are performing medical procedures today that didn’t exist only a decade ago! New prescription medicine is saving hundreds of thousands of lives today in the United States. On average Americans can expect to live well in to their 80s. This is a great time to be alive!
There is a downside to this wonderful news.
There is a downside to this wonderful news.
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Fast Facts
Reverse mortgages allow you to convert equity in your home into supplementary cash to use whenever, and however, you wish: as a lump-sum, monthly payment or as a line of credit you can tap as needed. The loan does not have to be repaid as long as you continue to live in your home.
The loan is backed and guaranteed by the Federal Government.
The home must be your primary residence.
Title to the property remains in your name.
No income, health or credit qualifications.
You do NOT make monthly payments. EVER!
Cash received is TAX FREE!
You own your home – no different than a traditional mortgage.
Social Security benefits and Medicare are generally not affected by a reverse mortgage – consult your tax advisor.
