Reverse Mortgages
If you’re like many older Americans, you may be on a fixed income and struggling to pay bills,
medical expenses, prescription drugs or even groceries. A reverse mortgage may be able to help you
live a more fulfilling retirement. Reverse mortgages can allow you to travel more, make home
improvements, start a new business, or simply ease the cost of day-to-day living.
What is a Reverse Mortgage?
A Reverse Mortgage is a loan against your home that you do not have to pay back for as long as you
live there. A reverse mortgage allows you to turn the value of your home into cash without having
to move or to repay the loan each month.
Reverse mortgages are insured by the Federal Government and mandatory counseling is provided by The
Department of Housing and Urban Development (HUD). The homeowner’s name remains on the title and
heirs are entitled to home appreciation.
What are the Requirements of a Reverse Mortgage?
- Age 62 years or older
- Own your property
- Occupy your property as primary residence
- Participate in a consumer information session given by an approved HECM counselor
How does a Reverse Mortgage pay out the loan?
The money you receive from a reverse mortgage is tax free and can be paid in a number of ways:
- In one lump sum
- In monthly intervals
- As a line of credit that allows you to decide how much to receive and when
No matter how this loan is paid out to you, you typically don’t have to pay anything back until you
die, sell your home, or permanently move out of your home.
Frequently Asked Questions Regarding Reverse Mortgages
SeniorDiscounts is working with the Financial Freedom
to provide you with free information about reverse mortgages and how they may be able to benefit you or
your loved ones.
Financial Freedom Senior Funding Corporation, a Subsidiary of IndyMac Bank, F.S.B., is the nation’s
largest provider of reverse mortgage products, which allow older Americans to live comfortably and
productively in their homes. Their mission is to provide you with the tools and resources you need to
plan for, maintain or enhance the retirement lifestyle you so rightly deserves
For more information about reverse mortgages, you can contact the Financial Freedom Senior
Funding Corporation toll free at 800-301-6171 or you may visit their web site
by clicking here.