Reverse Home Mortgage Lenders offers guaranteed income to qualified senior homeowners who are at least 62 years of age by maximizing the home equity. A few years ago, a group of experienced mortgage lenders came together to form a different kind of loan company. We didn’t focus on following the interest rates like most mortgage corporations rather we decided to find senior citizens financial tools that paid them monthly for the equity in their home. We believed that all too many seniors were not living comfortably in their retirement years because of the rising cost of living and poor investments. Why should American seniors be forced struggle in their twilight after contributing so much to our economy?

Reverse Home Mortgage Lenders was founded with just cause seniors in an effort to provide American Seniors with better home financing tools to enjoy their "golden years." In our quest for financial solutions, we uncovered the reverse mortgage that provided significant financial opportunities for seniors over 62 years of ages. That’s the story behind the incorporation Reverse Home Mortgage Lenders. Since then, we have helped thousands of Americans maximize their golden years.

• No income or health requirements
• No credit score requirements
• No monthly home loan payments
• No health check required
• Loan proceeds do not affect Social Security Benefits

What is a Reverse Mortgage?
A reverse mortgage loan is a unique type of home financing that enables senior homeowners who are at least 62 years of age to access cash monthly or convert a portion of the property’s value into instant money. But unlike a traditional equity line of credit or cash out refinance loans, there are no monthly payments ever due to a mortgage company. Think of a reverse mortgage like and annuity loan that pay the senior a premium each month. HUD offers a FHA reverse loan that ensures these benefits and it is federally-insured as well.

How does receiving the reverse mortgage check each month affect my Social Security benefits?
The IRS does not consider cash from a reverse home mortgage to be income, nor does it affect your Social Security or Medicare benefits.

Do I have to pay income tax on the proceeds?
Proceeds received from a reverse mortgage are loan advances and non taxable income.

FHA Reverse Mortgage Loans

The Federal Housing Authority (FHA) offers reverse mortgages and plenty of information about them. FHA is part of the Department of Housing and Urban Development (HUD). The reverse mortgage loan program they offer is called Home Equity Conversion Mortgages (HECM). The HECM is the most popular reverse mortgage (accounting for nearly 90% of all reverse mortgage loans in 2007) because it generally offers the highest amount of money to homeowners of average-valued homes, usually homes valued under $400,000. For owners of higher value homes, FHA offers the Jumbo Reverse Mortgage Loan.

The Jumbo Reverse Mortgage Loan works like the HECM. You are able to tap into the equity of your home and will not be obligated to pay it back until the home is no longer used as your primary residence (in the event of your death or should you decide to move). There are no monthly loan payments with either loan and the money you take out can be used for any purpose. Like the HECM, the amount you owe on the Jumbo loan will never exceed the value of the home.

The main difference between the HECM and Jumbo Reverse Mortgage Loan is determined by the value of the house. The other difference is the interest rate charged. Rates charged on Jumbo Reverse Mortgage loans are sometimes higher than those on a HECM loan. However, a Jumbo Reverse Mortgage will only charge you interest on the sum of money you actually use from a line of credit which is available to you.