Fast Facts

• All borrowers must be 62 years and older
• No repayment is made until the home is sold or the owner permanently moves out or passes away
• You will never owe more than the value of your home
• No income qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
• Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult appropriate government agencies
• You own you home - the lender does not take control of the title
• Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive.
• Closing costs and fees incurred can be financed as part of the loan.
• If you have a current mortage and think you can pay it off in your lifetime, then you should probably not opt for a reverse mortgage.
• We recommend that you involve your family in the decision making process by inviting one to two close family members and that they go with you to the HUD counseling, attend the application meeting and the closing (at your home).

WHAT ARE THE POSSIBLE USES OF A RERVERSE MORTGAGE?

It's Up to You.

Reverse Mortgage Possible Uses

• Pay for home repairs and renovations
• Long-term healthcare
• Pay off existing debt
• Healthcare + Prescription Drugs
• Pay taxes
• Your grandchildren's education
• Travel
• Pay off an existing mortgage
• Buy a boat or a summer home
• Make car repairs or purchase a new car
• Earn a college degree
• or ALMOST ANYTHING YOU WANT!

For more Information, contact

A Reverse Mortgage Expert
today at
(800) 213-6531

Serving Illinois, Indiana and Wisconsin

An Illinois Residential Mortgage Licensee