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One of today’s hottest financial products is a reverse mortgage. Why? It is a unique financial tool that gives homeowners aged 62 or older a way 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.

"If you're 62 or older and find that you are cash-poor and house-rich, meaning you have a lot of equity in your home but little or no savings, this is a product worth looking into. "

"Keep the House But Get the Cash" by Michelle Singletary
Washington Post, January 8, 2006.

A reverse mortgage can provide the critical funds that are needed for retirement income, fill the financial gap that medical insurance and Medicare don’t cover, pay off burdensome existing debt, provide a financial safety net for unbudgeted expenses, and provide additional discretionary income, tax free.

While a reverse mortgage can be an innovative financial solution, it’s also a very big financial decision for seniors and their families. It’s important to get all the facts and learn how one would affect your estate.

Reverse Mortgage Experts makes it simple to have your questions answered by the experts and easy to tap into the possibilities that reverse mortgages offer with confidence.

We offer quality resources and information at your fingertips, a way to learn what your benefits will be without obligation or pressure, extraordinary value on loan fees, and experience. The company’s Founder, Kenneth W. Terrill is a pioneer in the industry and has provided thousands of seniors in Alaska, Arizona, California, Florida, Nevada, and Oregon with reverse mortgages since 1994. If a reverse mortgage can address your financial needs, Ken will know how to implement a solution.

Here are some of the basics about reverse mortgages and the protection that is available to consumers today.

Reverse Mortgages — The Basics

• A loan that allows homeowners age 62+ to convert home equity into tax-free income to use however they wish while living at home for as long as they want.
  
• Flexible payment options that include lump sum, line of credit, monthly payments for a set term or until age 100. These options can be combined or changed.
  
• Loan comes due when the (last) borrower moves out, dies, or sells the home
  
• The most popular type is a HECM (Home Equity Conversion Mortgage) loan
  offered by the U.S. Department of Housing and Urban Development (HUD).
  
• Any credit rating is OK and no income is required.
  
  

Consumer Protection

• You retain ownership of the home. You do not give up title to the lender.
  
• All prospective borrowers must receive counseling from a HUD-approved, nonprofit housing counseling agency, or a certified AARP telephone counselor, before they can apply for an FHA/HUD insured reverse mortgage.
  
• HECM loans are insured by the federal government. No matter what happens to the value of your home and no matter how long you live, your benefit is guaranteed to be paid by an agency of the United States government.
  
• Fannie Mae has created a secondary market for reverse mortgages. This ensures there will be adequate funding for the foreseeable future.
  
• You can never owe more than your home is worth when your loan is repaid. This important protection insures you that your heirs will never be liable for any amount owing on your reverse mortgage even if it exceeds the home value.
  

Advocates

• American Bar Association supports reverse mortgages (1995 Resolution).
  
• National Council on Aging promotes the use of reverse mortgages to help fund care in the home.
  
• Financial planners include reverse mortgages as an important source of tax-free income for retirement.
  

AARP, Fannie Mae, and the National Council on Aging provide consumer guides to help seniors and their families evaluate if a reverse mortgage is right for them. You can access these publications through the Links section of this website.