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Joyce Said:

What happens in a reverse mortgage and all the money is spent but the elderly people are still alive?

We Answered:

nothing happens

with a reverse mortgage the homeowner can stay in the house until they die and never have to make a payment.

if they are getting a monthly income from the reverse mortgage they also have to recieve it until they die or move out.

Reverse mortgages are designed so they can't hurt the senior

Bobby Said:

How does a reverse mortgage work?

We Answered:

How does a reverse mortgage work?

A reverse mortgage is a federally-insured home loan that enables homeowners, age 62 and up, to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment.
With a reverse mortgage, the payment stream is "reversed". Instead of making monthly payments to a lender, as with a traditional mortgage, a lender makes payments to the borrower.

Some advantages of a Reverse Mortgage:
*The borrower retains FULL home-ownership and can sell the home at anytime.
*Greater financial security through a federally-insured loan
*Tax-Free proceeds that can be used for ANY purpose
*NO monthly repayments
*Qualification based on age and home value - NOT income or credit
*NO pre-payment penalties
*NO changes to your Social Security and Medicare benefits
*NO maturity date - A reverse mortgage will NOT become due.
*A reverse mortgage is a non-recourse loan. This means the amount due can NEVER exceed the home's value.
*Any and all remaining and accrued equity after repayment of the loan belongs to the homeowner or their heirs.

Please give me a call @ 800-600-7576 ext:4061 or by email jnoel@axmb.com for more information.

Thank you,
Jay Noel