Reverse Mortgages are designed to enable senior homeowners 62 years and older to convert part of their home equity into cash. They can do this without having to sell their home or give up the title. Seniors do not have to take on any new monthly mortgage payments either (although they are required to continue paying their property taxes and homeowners insurance). Instead of making monthly payments to a lender, the reverse mortgage lender makes payments to the senior homeowner.

Best of all, you'll

• Retain title to your home.
• Not have to make ANY monthly mortgage payments on your reverse mortgage (you continue to be responsible for paying your property taxes and homeowners insurance).
• Not be personally responsible for any balance greater than the sale value of your home.

Borrower Eligibility

• All borrowers must be at least 62 years of age
• Property must be your primary residence and owner occupied
• Must participate in a HUD approved counseling session
• You are still required to maintain property taxes, insurance, and routine maintenance.

Loan Amount Based On

• Age of youngest borrower
• Current interest rate
• Type of reverse mortgage
• The lesser of the appraised value or FHA lending limit