Currently there are three reverse mortgage products available:

The government insured HUD/FHA Home Equity Conversion Mortgage Program (HECM), the Home Keeper product by Fannie Mae, and The Financial Freedom Cash Account plan. The Cash Account product provides increased benefits for higher valued property.

Reverse mortgages are a big part of our commitment to helping even more people meet the challenges that make staying in their homes and living independently a dream come true.

The Opposite of a Traditional Mortgage...A Reverse Mortgage Pays You Money.

Taking a loan to buy a home means borrowing a large sum of money from a bank and paying down that debt to increase equity and wealth in the home. With a reverse mortgage, the opposite is true. Instead of making payments, a reverse mortgage borrower uses equity to gain income. Throughout the life of the loan, the balance gets larger while the equity gets smaller.

Reverse Mortgage Costs...

Almost all costs of a reverse mortgage can be financed from the proceeds of the loan and include:

• Origination Fee
• Closing Costs
• Servicing Fee
• Mortgage Insurance Premium

...And Benefits

• Borrower retains ownership and occupancy of home
• Easy access to equity built in home
• Tax-free equity release
• No monthly mortgage payments
• Interest is tax deductible*
• The ability to access equity built in the home since its purchase
• Lender has no claim on borrower's income or assets other than the value of the home
• Due to the fact that we process all applications in-house, this may mean that you will have money in your hands within 2 weeks to 28 days and generally speaking this should give you more money in your credit line
• We also offer Jumbo Reverse Mortgages for higher value houses. This type of a reverse mortage is not insured by the Federal Government.

Getting Started

If you want to learn how a reverse mortgage will work for you, contact us at (800) 213-6531. We will visit you in your home and explain the benefits, features, income options, and costs. When you are ready to move forward, we will assist you in completing an application request and schedule a counseling session with an approved counselor.

For More Information

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

An Illinois Residential Mortgage Licensee