Senior Home Loans

Reverse Home Mortgage Lenders provide guaranteed income to qualified senior homeowners who are at least 62 years of age. Now seniors can reap the benefits of their home's value with a monthly payment guaranteed for the rest of their life in the home.

A reverse mortgage, also known as a senior home loan because it's targeted at seniors, is a home equity loan in reverse. You don't have to pay back the loan until you die, sell your home or otherwise permanently move out of your home. To be eligible for a reverse mortgage loan, you must own your own home outright or have a very low mortgage balance and be 62 years of age or older. The reverse mortgage pays the borrower a lump sum, monthly payments, a line of credit or a combination of all three. The reverse mortgage is based upon the age of the youngest borrower, the value of the home and current interest rates. The older the borrower, the more they will be eligible to receive.

No income or health requirements No credit score requirements No monthly home loan payments No health check required Loan proceeds do not affect Medicare or Social Security There are no restrictions on how you can use the funds

July 30, 2008, the President signed into law the Housing and Economic Recovery Act of 2008. The FHA Modernization portion of the Act provides that only FHA-approved lenders are eligible to offer HECM reverse mortgage loans.

Reverse mortgages are different than other cash out loans and home equity loans.

Reverse mortgages are different than other home loans. For other home loans, you must qualify for the loan. Lenders check your income to see how much you can afford to pay back each month. There are no minimum income or credit requirements for a reverse mortgage, and the money can be used for any purpose. However, the borrower must pay off any existing mortgage(s) with the proceeds from the reverse mortgage.

With a reverse mortgage, there is no more mortgage payment and seniors actually get paid. With other loans, if you don't make your monthly payments, you could lose your home. But, since there is no mortgage payment requirement for a reverse mortgage, you don't lose your home by not making monthly payments.