When do I pay it back?
When the home is sold or when the last surviving spouse or borrower dies or moves away for 12 months in a row.
How Does a Reverse Mortgage Work?
A reverse mortgage allows homeowners who are 62 years or older to access a portion of the equity in their homes without having a monthly mortgage loan payment. No loan repayment is required as long as the borrower owns and lives in the home.* There are limited
What can I use the money for?
Pay off current mortgage or debts Property taxes/ home insurance Home repairs Everyday living expenses Retirement Planning Medical expenses or in-home care
How can I qualify?
Any homeowner who is 62 years or older You must be living in the home as your primary residence
How much money can I get?
The amount you can get depends on: Youngest borrower’s age** The home value Current interest rates
How is it paid to me?
You can choose how to receive your money. You can receive it: As a Lump Sum at the closing of the loan As a Monthly Cash Advance As a Line of Credit -OR- Any combination of the above three options
Are Reverse Mortgages Safe?
Reverse mortgages are insured by the U.S. Dept. of HUD Payments to borrowers are guaranteed by the U.S. government They are available through HUD Approved lenders Independent HUD counseling is required prior to application Does not affect Social Security or Medicare benefits***.
How do I apply for a Reverse Mortgage?
First you must obtain a counseling certificate from a HUD-approved counseling agency (we can supply you with a list of national and local agencies from which you can choose). After receiving your counseling certificate, you can make an application with a 1st Nations Reverse Mortgage Specialist. Under
Who do I contact first?
If you would like more information about reverse mortgages, or if you would like an appointment to make an application call: (800) 720-7003. * Borrower must continue to pay property taxes, insurance, applicable maintenance and association fees, and maintain the property. Failure to do so may result
Can a reverse mortgage be used to “purchase” a new home?
Yes, you can buy a new home with a reverse mortgage, and not have to worry about making monthly mortgage loan payments as long as you live in the home. However, you must still pay your property taxes, home insurance, and any association dues.
