Reverse Mortgages How They Work - Top Ten Questions - Success Stories - Why Choose First American? First American Mortgage, Inc. An approved Government Mortgage Broker Offers FHA HUD Reverse Mortgage Programs

What Is a Reverse Mortgage?

It is a special loan that pays you, by using the equity you have accumulated in your home.

You can:

• Receive cash, a tax-free monthly income
• Line of credit.
• A Lump Sum of money
• Or any combination of the above.

There are no income or credit qualifications and best of all, no monthly payments. You can even use the proceeds to pay off your existing liens and mortgages. The US Government backs the FHA HECUM Reverse Mortgage plans.

A reverse mortgage is much different than a conventional mortgage; it's actually the opposite. With a conventional mortgage, the homeowner borrows a large lump sum of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows. With a reverse mortgage, the loan balance grows while the equity gets smaller. Instead of using income to gain equity, you can use your equity to gain income.

How Do I Qualify?

Qualifying is as easy as 1-2-3 .

1. You are at least 62 years of age.
2. Your home is your primary residence.
3. You have accumulated equity in your home.
4. Your Credit is Not an Issue!

What are the Benefits?

There are several benefits of having a reverse mortgage:

• Easy access to the equity you have in your home!
• No monthly payments.
• Receive tax-free monthly income.
• Eliminate your existing mortgage payments and other debts!
• No credit or income verification!
• Your Financial Independence!

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