ABC's of Reverse Mortgages

REVERSE MORTGAGE FACTS FROM       www.EZreverse.com

Reverse Mortgages Facts

Ezreverse.com/Senior Advantage's mission is to educate seniors 62 and older on products and services to help meet their needs . A popular choice among many seniors is the Federal Housing Administration reverse mortgage: the Home Equity Conversion Mortgage (a Government Program for Seniors). It allows you to access the equity in your home in a variety of ways without making monthly payments. Seniors have the ability to take advantage of this program with no out-of-pocket expenses.

You retain the title to your home. Based on the property’s value, your age and the maximum credit line allowed by the FHA, you can use some of the financial equity you’ve built up in your home, tax-free. In fact, this cash can be used to pay off your existing mortgage balances.

The Home Equity Conversion Mortgage is insured by the FHA and funded by Fannie Mae, making it a safe and secure option. It ensures that you can stay in your home as long as you choose. If you decide to sell your home, the sale proceeds will be used to pay the balance on the reverse mortgage and the remaining equity is yours to keep. If you should pass away, the equity in the home will pass to your heirs. Your heirs can choose to sell the home or refinance the balance through a traditional mortgage.

To be eligible, you must own your home and be at least 62 years of age. You don’t need to have existing income to qualify, and there are no health or credit qualifications.

Eligible home types include single family homes, two-to four-unit homes, condominiums, planned urban developments, townhouses, manufactured homes, and mobile homes. Cooperative apartments are not eligible in most states.

To request personalized information, submit your request on-line or call Senior Advantage Toll-Free at

1-866-892-9322

or 24 hours a day at

www.EZreverse.com