Will I still own my home?

You continue to own 100% of your home, just like a normal mortgage.

Will there be anything left for my children?

Over 99% of reverse mortgage customers have equity in their home when it comes time to repay the mortgage, and in most cases the amount of equity is more than 50% of the home value. Additionally, more and more seniors are using reverse mortgages to provide a living inheritance to their loved ones.

Can I owe more than what my home is worth?

This is very rare, because of the benefit of home price growth over time. However, in the rare case that this occurs, rest easy. Our Lender gives you A Home Equity Guarantee, meaning you’ll never have to pay us more than the fair value of your home.

Will I be forced to leave my home?

The benefit of a Home Equity Release versus other financing products like HELOCs or traditional mortgages, is that this solution is specifically designed to keep you in your home as long as you wish. As long as you maintain your obligations like property tax, home insurance and home maintenance, you’ll never be forced to leave your home, no matter how long you live, the size of the mortgage balance, or the value of your home.

What happens when i pass away?

When you pass away, your heirs will be given 6 months to arrange for the repayment of your Home Equity Release principal and accrued interest. This is usually accomplished by selling the home and paying the lender out of the proceeds. If your heirs want to keep the home in the family, they can also arrange to refinance with a new mortgage, or pay the lender from other sources.

What is the cost to me?

Reverse mortgages accrue interest over time, increasing your loan balance. Additionally, expect processing and appraisal fees deducted from your initial proceeds, along with independent legal advice (ILA) fees.