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Reverse Mortgages

A Reverse Mortgage is a special type of home loan that enables seniors at least 62 years of age to borrow money against their primary home and make no loan payments until they sell or permanently leave their home. This mortgage was designed and is insured by the federal government to assist and protect seniors and allows them to maintain their financial independence. It is a safe loan. Borrowers can not lose their home nor owe more than the home is worth. Reverse Mortgages are available for 1-4 family homes.


Reverse Mortgage Facts

        ·          No income or credit needed to qualify.

        ·          Proceeds are treated as tax-free income.

        ·          Interest is paid at the time the loan is repaid-not during the loan.

        ·          At the time the loan becomes due and payable, the heirs can either choose to repay the loan and keep the house or sell the home and repay. Heirs will also   receive remaining equity, if any after sale of home.

        ·          Loan does not become due and payable until the last surviving borrower dies, sells the home or permanently leaves the residence.

        ·          Benefits received from Social Security and Medicare are not affected by a reverse mortgage.

•   Borrowers retain title to the home.
  
  
  

Proceeds Can Be Used For Any Purpose

        ·          Home Repairs/Maintenance

        ·          Home Health Care

        ·          Car Repair or Purchase

        ·          Pay Off Credit Cards

        ·          Taxes

        ·          Pay Off Existing Mortgage

        ·          Grandchild’s Education

        ·          Travel

        ·          A Second Home

•   Investments
  

The amount of the loan depends primarily upon 3 factors:

        ·          The age of the youngest borrower

        ·          Value of the home

•   Current Interest Rates
  

Proceeds from a Reverse Mortgage can be received in any combination of the following:

        ·          Lump Sum of Money

        ·          Monthly Payments

•   Line of Credit

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Send mail to webmaster@rkmmortgage.com with questions or comments about this web site.

Licensed by The New Jersey Department of Banking and Insurance, Registered Mortgage Broker-NYS Banking Department-loans are arranged through third parties. Copyright © 2007 RKM MORTGAGE INC, all rights reserved.

Last modified: September 09, 2007