Reverse Mortgages

Understanding your financial needs and goals is important to us, and we are committed to securing financing that meets your needs.

Reverse Mortgage

What is a Reverse Mortgage?

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income—without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home.* Consult Tax Advisor. Not all products available in all states.

 

HOW DO I QUALIFY?

  • You must be 62 years or older
  • It must be your Primary Home
  • Ther is NO requirement for Credit, Empolyment, Income or Assets (unless doing reverse ofr purchase)
  • WE pay for your appraisal
  • It is that easy!

 

LOAN PRODUCTS:

  • Monthly Home Equity Conversion Mortgage
  • Annual Home Equity Conversion Mortgage
  • PURCHASE or Refinance

 

REVERSE FACTS:

  • You don't need any income to qualify
  • You don't have to make monthly repayments on a reverse mortgage
  • You can receive additional monthly income
  • You NEVER owe more than your home is worth.  You are fully insured and protected by the FHA when you payoff the loan
  • You can never lose your home as long as you maintain the property and pay the taxes
  • Your home goes to your heirs, not the bank 

 

HOW DOES IT WORK?

  • The amount you can borrow is based on:
  • The value (or Price) of your home
  • The age of the youngest spouse
  • The area your home is located
  • You can receive either:
  • A lump sum up front
  • A monthly advance
  • A combination of both
  • Your unused credit line grows each year based on the CPI
  • You can pay off your exiting home loan
  • There are NO payments required during your lifetime
  • You NEVER lose your home as long as you pay your property taxes and maintain the home

 

APPLICATION PROCESS

  • Meet with us to determine if a Reverse Mortgage is right for you
  • Complete the required reverse education counseling program
  • Fill out application
  • That’s it!  Relax and leave the rest to us, we even pay for the appraisal!

 

Download our Reverse Mortgage Flyer

Review our Reverse Mortgages Frequently Asked Questions

 
View Dan Clifton's profile on LinkedIn Follow Us on Twitter
(c) Clifton Financial Services. All rights reserved. | Site design: Z to A Creative