Consumer Safeguards


Reverse Mortgage loans were designed by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae and other private institutions. Most of the Reverse Mortgage loans made today are insured by the Federal Housing Administration (FHA); a government supported mortgage insurance program.
Borrowers must obtain independent counseling prior to applying for a Reverse Mortgage. Counseling is only available from approved, independent, third-party sources and the counseling is designed to highlight and discuss:

• Financial implications of obtaining a Reverse Mortgage.
• Other options that may exist including housing, social service, health and financial programs.
• Other home equity conversion options that may exist.
• Role and relationship between the homeowner and the lender, financial advisors, estate planning services, etc.
• Allowable costs and expenses associated with Reverse Mortgages.
Consumers have additional sources of nationally recognized providers that can be accessed for additional information including:
• A. A. R. P. www.aarp.com/revmort
• National Reverse Mortgage Lenders Association www.reversemortgage.org
• The Department of Housing and Urban Development (www.hud.gov)

 

WHAT IS A REVERSE MORTGAGE?

Reverse Mortgages allows a senior homeowner (62+) to exchange a portion of the equity in their home for a Tax Free Income. A Mortgage Reverse has NO Monthly Payments required for as long as you live. A Reverse Mortgage Specialist provides Tax Free Cash that can be used for any purpose. With a Reverse Mortgage you retain the Title to your Home. That means with Reverse Mortgages you can sell your Home at Anytime. Mortgage Reverse allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage Specialist does not affect Social Security and Medicare. With a Reverse Mortgage there is No Income, Credit or Health Qualifications.

THE PROCESS OF REVERSE MORTGAGES

  • Educate yourself about a mortgage reverse.

  • Get a free information package about a Reverse Mortgage Specialist.

  • Speak with a qualified lender about your option of a Reverse Mortgage.

  • Consult a trusted family member or financial advisor about the benefits of Reverse Mortgages.

  • Schedule a counseling session with a third party, non-biased counseling group about a mortgage reverse.

  • Upon reaching a decision to pursue a Reverse Mortgage specialist complete an application with a qualified Reverse Mortgage.

  • The Reverse Mortgages will begin the underwriting process by ordering an appraisal, title work, and other related documentation.

  • The mortgage reverse is submitted for final approval and then is scheduled for closing at a location convention for you.

  • At funding of the Reverse Mortgage you receive your Tax Free Cash.