Making the Golden Years Golden

With the number of seniors growing at a rapid rate, reverse mortgage loans have grown in popularity. For many homeowners, this loan provides opportunities to stay in a home when financial circumstances may not otherwise allow. Not only will a reverse mortgage provide freedom from burdensome mortgage payments, it can also help to provide supplemental income to seniors with sufficient equity in their homes. Below are key points to know about reverse mortgage loans:

What a Reverse mortgage is and How it Works:

It is a loan that allows seniors to tap into home equity to obtain tax-free money

The funds can be used for anything

There are no monthly mortgage payments to be made

The homeowner retains title to the home

The loan is repaid when the senior moves or upon death

When the home is sold, the remaining equity goes to the senior or their heirs


  • You must be a minimum of 62 years old
  • All borrowers must occupy the property as their primary residence
  • No credit or income requirements
  • Single family homes, PUDs, condos, manufactured homes, and 2-4 unit properties

Payout Options of Cash to the Homeowner:

  • Lump Sum
  • Monthly Term
  • Monthly Lifetime (tenure)
  • Line of Credit – Can grow annually
  • Combination of the above

One key concern that many seniors have regarding reverse mortgage loans are related to what happens to the home and its equity. The senior continues to own the home, and maintains control over keeping or selling the home. When the senior no longer resides in the home, the home must be sold or the loan must be paid off (either with cash or a new Refinanced mortgage). However, after the reverse mortgage is paid off, the remaining equity will be paid to the homeowner, or to their heirs. Also, it is a non-recourse loan, meaning that no other assets, or the senior’s heirs, will ever be affected.

Financial considerations regarding cash flow, housing, and overall net worth are important decisions that each senior citizen must make. For many, misconceptions on reverse mortgage loans keep them from having the freedom of not making a house payment. If you, or someone you care about, are interested in having a free Reverse mortgageAnalysis, please let me know. After a quick review, I can let you know if you are eligible for a reverse mortgage, and whether this is a good option for your circumstance.

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