For our potential senior clients 62 yrs old or older we offer Reverse Mortgage Programs.
The Reverse Mortgage Programs will allow you to pull cash immediately in one lump sum from the equity in your home. You can also chose to take out the cash in the form of a credit line which allows you to draw on the money in monthly installments (for example) to supplement any Pension or Social Security you may be receiving. The beautiful thing about the Reverse Mortgage Program is that there are no credit or income requirements to qualify. As long as you are 62 yrs old or older and have ownership in the subject property and use this property as your primary residence you may qualify for this program.
Another special feature of the Reverse Mortgage Program is that there are no payments required on the loan. You can pull the cash out of your home and never have to make any monthly payments. The loan doesn't have to be repaid until the sale of your home or if it's determined that you haven't used the subject property in over 12 months as your primary residence.
During the time you have the Reverse Mortgage you will continue to hold ownership in the subject property.