Reverse mortgages are a great tool for seniors to access home equity funds quickly with no repayments as long as they live in their home. The funds can be taken all at once, in monthly income payments, or as a line of credit.
Since it is a loan the money is not taxable and will not affect your social security or Medicare.
Not all reverse mortgages are created equally some have higher processing ,origination fees, and upfront expenses for appraisal inspections.
Reverse mortgage counseling for all borrowers and spouses is provided by an approved independent agency of the borrowers’ choice to insure complete understanding and education on the reverse mortgage program.
The first steps to getting a reverse mortgage is to get a quote and take the reverse mortgage counseling which can be done in person or over the phone.
Update: HECM Loans with Non-Borrowing Spouse
Effective for FHA case numbers assigned on or after 08/04/2014, we are
accepting HECM Loans with non-borrowing spouse. HECM Loans with non-borrowing spouse must comply with all FHA’s requirements as specified in the Mortgagee Letter 2014-07 including but not limited to:
The non-borrowing spouse can be under 62 years of age, provided that the borrower
meets the HECM eligibility requirement of 62 years of age.
The principal limit will be based on the age of the youngest borrower and non-
borrowing spouse. For example, if the borrower is 62 years old and the non-
borrowing spouse is 55 years old, the principal limit will be based on the 55-
year-old non-borrowing spouse.
The non-borrowing spouse must attend the HECM Counseling Session with the borrower and sign and date the HECM Counseling Certificate.
A proof of date of birth of the non-borrowing spouse must be submitted along with
the application package.
The borrower and the non-borrowing spouse must sign the certifications as required
by the Mortgagee Letter 2014-07 at closing.
C & C Financial Services Inc, with its licensed partners, takes pride in providing senior citizens
with the increased flexibility needed to plan for retirement and financial security.
[catlist name=reverse-mortgage]