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 make payments to the borrower.

FREQUENTLY ASKED QUESTIONS

How do know if I qualify?

To be eligible, you must own and reside in your home and be a minimum 62 years of age.

Will the bank own my house?

No. The borrower retains full ownership and can sell the home at anytime.

Are there any monthly payments'?

No. You're only responsible for paying your property taxes and insurance and maintaining your home.

What will a reverse mortgage cost me?

You may obtain a reverse mortgage with little or no out of pocket costs. Closing costs will vary based upon the type and size of the loan, you can structure your loan with these costs included in the loan amount.

Where should I go to find out if it's right for me?

The best place to get the most accurate information is through a local FHA approved Mortgage Company that specializes in Reverse Mortgage. With the growth of the Reverse Mortgage Industry it is important to deal with a company that has many lender programs and service that can fit your specific needs.

This information was provided by Blondin Mortgage Company. 1-800-451-6707 or 941-365-1926. 2553 Fruitville Road, Sarasota, F1orida

Member of the National Reverse Mortgage Lenders Association