"Achieving Financial Freedom"
A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and recieve cash to use for almost any purpose.
~The Reverse Mortgage Process~
1. Examine Your Financial Situation
2. Complete a Reverse Mortgage Application
3. Speak with a HUD Counselor
4. Home Appraisal
5. Loan Processing and Underwriting
6. Loan Closing
7. Receive Your Money
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Eligibility and Requirements
- You still retain title to your home, the bank does not own your home
- A reverse mortgage is non-taxable income
- A reverse mortgage does not affect social security or medicare