A reverse mortgage allows you to access the equity in your home in several different ways and for any purpose you have in mind.

• Take a single lump sum in cash to pay bills, eliminate any remaining mortgage, make home improvements, or whatever you want.
• Supplement your income with monthly disbursements for as long as you occupy your home.
• Choose to receive higher monthly disbursements for a predetermined period of time.
• Establish a line of credit that lets you decide how much money to get and when to get it. Ideal for emergencies, unexpected medical bills or taxes.                                 
• Or, combine options. For example, you could take a lump sum to repair the furnace and a monthly disbursement to supplement your income.

Benefits

• Keep title to your home
• Make no payments unless you sell or permanently vacate your home
• No income requirement and no credit review needed
• Flexible disbursement options and the income you receive is tax free
• Not required to buy a life insurance policy or an annuity
• Reverse mortgage is FHA insured
• Repayment is taken care of automatically; no burden to your heirs
• Includes free, independent financial counseling

Easy To Qualify

Eligibility requirements for a reverse mortgage are simple: you must be at least 62 years of age, plus your home must be your primary residence. That’s all there is to it.

For more information contact Mortgage Services at 1-800-387-5773.