Reverse Mortgage

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What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.

Can I qualify for a HUD reverse mortgage?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.

For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage

The Process Of Getting A Reverse Mortgage

With Reverse Mortgages that are Insured by the Federal Housing
Administration there are several steps in the process designed to
protect you before and while you are applying for a reverse mortgage.

Discussion and Research:

First we explain the pluses and minuses of borrowing money with a
reverse mortgage. Important questions such as; How much does is
cost? What if I plan on moving in the near future? How will I receive
the money from a reverse mortgage? These questions and any other
questions that you have can usually be answered within our first
discussion.

Next, we provide you with information, in writing, with the details on
how a reverse mortgage might work for you.

Reverse Mortgage Counseling

Even if you are not sure whether a reverse mortgage is right for you,
we will provide you with information about reverse mortgage
counseling. A counselor approved by the Federal Housing
Administration is available to review your finances and how a reverse
mortgage might work for you. The costs of Reverse Mortgage
Counseling are paid for by the Federal Housing Administration and
can be done by phone or in person. Your participation in the
counseling session is done at no cost to you and you are under no
obligation whatsoever to apply for a reverse mortgage loan, unless
you feel it is the right choice for you.

Reverse Mortgage application

If you have decided to apply for a reverse mortgage loan, we will
complete the application with you. At that time we will need proof of
your identity and your social security number. Since there are no
monthly payments, income or credit history generally does not play a
role in determining whether your application will be approved.

Home Appraisal and Title Search

After you have applied we will order a title insurance report and an
appraisal will be scheduled to determine the value of your home. The
appraiser will also be able to determine whether any repairs will be
required to meet the guidelines of the Federal Housing
Administration. If repairs are required they can normally be paid for
with the money that you will receive from the reverse mortgage loan.

Closing Documents

Once the appraisal and title search is reviewed, we can schedule a
date for you to sign your loan documents. Once you have signed the
loan documents you still have three business days to change you
mind. Once three days have passed any money that you have
requested from your new reverse mortgage will be available to you.

After closing you will join the more than 250,000 people that have
used a reverse mortgage to help them secure their financial future.

E-mail Your Question

In home visits and loan closings are available within
the following counties:

In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan , New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County

In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County

In Pennsylvania:

Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County

Reverse Mortgage Loans
Insured by
the Federal Housing Administration

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