If you are 62 years old or older and would benefit from a lump sum of money, a line of credit to draw from as needed, a fixed monthly installment, or any combination of all the above, WITH NO MONTHLY PAYMENTS EVER, a reverse mortgage is the perfect product for you.

The most important feature is that it gives you the security of never being foreclosed on your home.

The most popular is the government-insured HECM loan [Home Equity Conversion Mortgage]. A typical forward mortgage pays down principle and interest over time until it is paid off.

With a reverse mortgage, you will never make a monthly payment. The principle gradually increases and upon your passing, it is satisfied by one of two ways.

• Your estate or heirs satisfy the mortgage obligation through sale of the home or a refinance
• Or the bank takes ownership of the home

The product has the further protection of being a non-recourse mortgage, so you or your heirs will never have to pay back more than what is owed, EVEN IF THE BALANCE IS MORE THAN THE VALUE OF THE HOME! There are no worries about fluctuating home values over an ever-changing real estate market.

A reverse mortgage draws down on your home’s equity. Therefore, you will most likely not leave much equity to your heirs. We recommend you make this decision together as a family whenever possible, but we have never had a situation in which the children did not want to ensure a comfortable retirement for their parents.

Having a reverse mortgage in place secures your retirement funding or provides a line of credit to have just in case.

Also, you always have the option to make monthly payments to treat it as a forward mortgage by paying down the principle at any time when you like.

As you now see, the benefits of a reverse mortgage far outweigh the drawbacks!

Reverse mortgages are typically government insured, therefore they carry low government interest rates.

Typically, you take anywhere from 40 to 60% of your home’s equity. The only income qualification is that you are able to pay your home’s taxes, insurance and maintenance. This is not a difficult obligation to meet with adequate fixed retirement income.

You do not need to have good credit, but if you carry any outstanding derogatory debts, there may be a holdback to advance pay all or a portion of your taxes and insurance.

Remember, the beauty of the reverse mortgage is that as long as you live in your home, pay your taxes and insurance, and keep up its maintenance, you can never be foreclosed on regardless of the outstanding principle balance.

It is important to work with a specialist who understands all these features and can identify the best product for your needs. There are a lot of variables and factors to consider that are different from traditional or conventional mortgages, so you should always have the guidance of a dedicated and highly experienced broker with your best interest in mind.

We aim to provide the best service to all our clients, but reverse mortgages are particularly rewarding for us to guide you in making this important life decision that will give you the freedom to enjoy your retirement worry free.

Our promise is to take care of you as if you were family. We will always do a top down analysis of your finances to ensure this is the right product for you. We are always on your side and promise to be accessible at any time to address your questions or concerns through the whole process.

Our clients tell us that from the first phone call they know they are in the right hands. Please visit our online verified reviews to read past client testimonials so you know the quality of service you can expect from us.