A REVERSE MORTGAGE - IS IT RIGHT FOR YOU OR A LOVED ONE?

A Reverse Mortgage is a special US government-backed loan designed to help older Americans tap the equity in their homes. Instead of making payments each month, a REVERSE MORTGAGE PAYS THE HOMEOWNER.

BENEFITS OF A REVERSE MORTGAGE:

No income needed to qualify
Credit is not an issue
Guarantees that you stay in your home for life
Money that is drawn against the equity of your home is tax free
No monthly mortgage payments
Flexibility - take the equity in a lump sum, set monthly installments, access only as needed or a combination of all three.

REQUIREMENTS TO OBTAIN A REVERSE MORTGAGE:

All persons on title to the property must be 62 years or older
Have sufficient equity to pay any liens against the property
Keep the home in good repair
At least one homeowner must live in the home.
Take a counseling class on Reverse Mortgages (usually about 1 hour)

This is a wonderful tool to help bring more livable income into the household. Use the money for medical expenses, to pay for repairs to the home, take a vacation or anything of your choice.

Denise Wing

Certified Mortgage Lender

303-987-0622

dwing@academynational.net