Improve your life by having the option to eliminate your monthly mortgage payment (P&I) and gain lifetime access to a growing, liquid Line of Credit.
Employ this secure 4th pool of funds to your current Social Security, Pension and Retirement Savings Accounts.
To qualify for the FHA Reverse Mortgage (HECM), you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions.
Reverse mortgage loan advances are not taxable, and generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. You must occupy the property at least 183 days a year, stay current with the payment of Property Tax, Property Insurance and any Homeowner's Association Fees, along with maintaining the basic condition of the property. You can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.
