By Phil Miller
A Reverse Mortgage is a federally insured financial tool that allows senior homeowners age 62 and older to access a portion of their home equity and convert it into tax-free retirement income. It gives you the financial security and supplemental retirement cash flow to stay at home and live independently—without having to sell your home, give up the title, or make monthly mortgage payments.
It’s called a Reverse Mortgage because unlike a forward mortgage where you make payments, a Reverse Mortgage actually pays you. Flexible and safe, you make no Reverse Mortgage payments and will maintain the title for as long as you live in your home. When the loan is due, the amount you or your loved one’s owe will not be more than the appraised value of the home. And any equity that remains in your home remains yours—not the bank’s.
Reverse Mortgages are regulated and insured by the Federal Housing Administration (FHA). By law, you can never be forced to sell your home or move. The federal government has put in place several safeguards in the Reverse Mortgage program to protect and shield seniors from predatory lending practices. Chief among them is the mandate that a third-party counseling session must occur with an independent HUD-approved counselor before an application can be processed.
Qualifying and Receiving Cash
It is easy to qualify for a Genworth Reverse Mortgage. All titleholders of your home must be 62 years or older, and you must own a single-family or mobile home or a condo, with some equity. You do not need any existing income, and your credit history is not important. If you have an outstanding home mortgage or government liens, they will be paid off as part of the program. The amount of cash you can get depends primarily on your age, the value of your home and current interest rates.
link to more at: FirstReverseMortgageUSA.com