A Reverse Mortgage (backward mortgage) is simply a mortgage loan that affords seniors, 62 or older the benefit of using the equity accumulated in their home to provide monthly income, receive a one lump sum payment or line of credit. The money is tax free - after all it's already your money (equity).

The older the borrower, the greater percentage of your home's equity is available.

REVERSE MORTGAGE CHOICES AVAILABLE:
There are basically three products.

An FHA/HUD Home Equity Conversion Mortgage which is commonly referred as a HECM.

The Fannie Mae Home Keeper, which is a government sponsored product.

Various cash accounts. These products are used to finance properties which exceed the lending limits of the two previously mentioned products. There is no lending limit.

QUALIFICATIONS AND CRITERIA FOR THE BORROWER:

Must be 62 or older.

Borrower retains title to and occupancy of their home.

No income, health or credit qualifications.

Make No Monthly payments.

Home must be borrower's primary residence.

Loan is non-recourse, no debt left to heirs and no other assets are affected.

USE OF THE PROCEEDS OF YOUR EQUITY:

Unrestricted.

Examples:
The money can be used for medical care, purchase long term health care insurance, repay debt, home repair, pay property taxes, daily living expenses, grandchildren's education, purchase annuities or life insurance, travel, give as gifts or buy that second home, boat or car you have always wanted.

ELIGIBLE PROPERTIES:

Single family residences, 1-4 family homes, so long as one of the units is the borrower's primary residence, condos and co-ops in some states

FEES TO OBTAIN A REVERSE MORTGAGE:

Closing costs and fees normally associated with a regular mortgage.

No application fee, no processing fee, no junk fees.

COUNSELING REQUIRED?

Yes. To safeguard the borrower and the lender a third party non-biased, HUD approved individual is required to counsel the borrower before a commitment can be issued. This can be done by phone or in person.

HOW DO I GET MORE INFORMATION?

Review the rest of our Reverse Mortgage web page, call us at 1-800-525-9940,
Fax us at 631-758-9201 or E-mail us at info@choicehomemortgage.com