If you are 62 years or older, and your home is mortgage is paid off or nearly so, a reverse mortgage could be the way to keeping your home while enjoying greater financial security in you retirement years.

Essentially the opposite of a traditional or "forward mortgage", a reverse mortgage works to your advantage by having the lender pay you instead of you paying the lender. Simply put, there are no payments required for as long as you, or your spouse, live in your home.

You Get the Cash You Need

This unique loan enables you to turn the accumulated equity in your home into tax-free cash you can use any way you wish: daily expenses, health care needs, medical bills, home improvements and repairs, paying off debt, purchase a car, boat, or second home, and much more.

The amount you'll receive from a reverse mortgage is based on your age, your home's current value and location, the equity in your home, and current interest rates.

And, you choose how you want to receive your money: a lump sum payment, regular monthly payments, or a line of credit to use when needed.

Unique Terms Developed for Senior Homeowners

Reverse mortgages were developed to accommodate the changing financial circumstances and needs seniors experience after their working years. The primary objective is to better enable them to maintain independence, remain in their homes safely and securely, and to improve the quality of their life. These special provisions include:

• No monthly payments to lender required
• No minimum income or credit qualifications required
• No give-up of home ownership
• No effect on Social Security or Medicare benefits
• No debt passes to heirs

Tax-free cash for any purpose

Provide cash reserve for future needs or emergencies Your Home is Always Yours

Most importantly, you'll never give up ownership of your property, and you can remain in your home for as long as you desire. Repayment is due when the borrower (or last surviving spouse) sells the home, moves out permanently, or passes away.