Answers to Some Frequently Asked Questions

What is a Reverse Mortgage?

A Reverse Mortgage is a special type of loan designed for homeowners aged 62 or better which allows you to remain in your home without having to make monthly mortgage payments. It is regulated and insured by the federal government. A Reverse Mortgage converts some of the equity in your home into cash for you to use, while you maintain sole ownership of your home. In short, it provides you with financial security.

Can I get a Reverse Mortgage if I have a mortgage on my home now?

Yes you can, provided you have enough equity remaining in your home to pay off your existing mortgage and any outstanding liens. The balance of funds due to you can be taken in a lump sum, a credit line, or in monthly payments. You can also choose any combination of these.

How much money can I get?

The amount you can receive is determined by your age, the value of your home and current interest rates. When you call us, we can calculate the exact amount you are entitled to receive.

How do I qualify for a Reverse Mortgage?

All borrowers and co-borrowers who are homeowners, 62 years of age or better who reside in the home as their primary residence for at least six months and one day are qualified.

My credit is not so good, are you sure I’ll qualify?

You will not be required to make monthly payments on your Reverse Mortgage. There are no minimum income or credit requirements; so qualifying is simple and easy. Rather than guess, call us toll free at 1-(888)267-7900 and find out for sure.

Will the bank take my home from me?

Absolutely not! The title and full ownership of your home remains in your name. With this special program, you will continue to own the home you know and love.

What sort of out-of-pocket expenses am I expected to pay?

Since most of your closing expenses are paid out of loan proceeds, you have minimum out-of-pocket costs. You will pay for an appraisal up front and possibly the cost of the counseling session.

Since I’m not required to make monthly mortgage payments, what are my responsibilities?

You are required to pay your property taxes and homeowner’s insurance, just like all homeowners are required to do, and keep up the maintenance of your home.

If you have a question of your own, just call one of our friendly Senior Security Reverse Mortgage Loan Originators (who are licensed experts on Reverse Mortgages) at 1-(888)267-7900 and they’ll have an answer for you.