Independence You continue to own and live in your home Liquidity Receive monthly payments instead of making them Simplicity No income, credit or employment requirements needed to qualify 2 Choice You may receive funds as a lump sum, in monthly installments, as a line of credit, or as an upfront sum plus monthly allotments Security Does not affect Social Security, pension or Medicare benefits 3 Ownership Your heirs can keep the property once the reverse mortgage is paid in full Freedom Please ask your reverse mortgage consultant about when any payment may be due.
1. Consult a tax advisor. 2. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions. Must be at least 62 years old. Call for more detailed program information. 3. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult either a local program office or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation. This information is accurate as of date of printing and is subject to change without notice. | ||||
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