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? What is a reverse mortgage? ? A reverse mortgage is a type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. A reverse mortgage can also be used to purchase a primary residence if you are able to use cash you have available to pay the difference between the reverse mortgage proceeds and the total sales costs for the property you are purchasing. ? What does HECM stand for? ? Home Equity Conversion Mortgage. HECM is the name given to a reverse mortgage because you are “converting” your equity into payments to your loan debt or cash you receive from your reverse mortgage. ? Can I still pass the home on to my heirs? ? Yes. It is standard for the bank to allow heirs to your estate 6 months to begin selling or get a new loan, paying off your reverse mortgage in full. The home will go to your heirs once the mortgage is refinanced or remaining equity after payoff  if property sold.   Can I get tax free money at closing? ? Yes. This amount varies on specific factors like age and value of home but you can have no payments AND get tax free money in a lump sum or monthly basis. ? What if I am currently late, have a Notice of Default or are in foreclosure? ? No problem. We have stopped foreclosure proceedings and helped with homeowners who have bad credit history many times. Your credit is not a factor. A reverse mortgage is primarily based on your age and your home value. Call us for details. ? What if I have bad credit? ? Again, credit or late payments is not a problem. You have to be current on your mortgage payment at the time of closing. That is the only requirement from HUD.     Who pays for my property taxes and insurance? ? You can choose to have the bank pay your first year due at closing. After this, you are responsible for the yearly taxes and homeowners insurance costs. ? Can I get out of a reverse mortgage? ? Yes. After 6 months of being in a reverse mortgage you can refinance out of the loan and pay it off in full.