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Tennessee Reverse Mortgages

 

Alcoa TN - Tennessee reverse mortgage -- Alcoa Tenn Federal Credit Union , Blount County      Click to request assistance
Andersonville TN - Tennessee home equity loan -- Creative Mortgage Solutions , Anderson County      Click to request assistance
Antioch TN - Tennessee reverse mortgage -- National Fidelity Mortgage , Davidson County      Click to request assistance
Ashland City TN - Tennessee home equity loan -- Hearthstone Mortgage , Cheatham County      Click to request assistance
Athens TN - Tennessee reverse mortgage -- FSGBank , McMinn County      Click to request assistance
Athens TN - Tennessee home equity loan -- Athens Federal Community Bank , McMinn County      Click to request assistance
Atoka TN - Tennessee reverse mortgage -- American Mortgage Svces Inc , Tipton County      Click to request assistance
Bartlett TN - Tennessee home equity loan -- First South Credit Union , Shelby County      Click to request assistance
Bolivar TN - Tennessee reverse mortgage -- Bolivar Mortgage Inc , Hardeman County      Click to request assistance
Bolivar TN - Tennessee home equity loan -- Hardeman Mortgage LLC , Hardeman County      Click to request assistance
Brentwood TN - Tennessee reverse mortgage -- A Prime Trust Mortgage Company , Williamson County      Click to request assistance
Brentwood TN - Tennessee home equity loan -- Ace Mortgage Funding , Williamson County      Click to request assistance
Brentwood TN - Tennessee reverse mortgage -- Allied Home Mortgage Capital Corp , Williamson County      Click to request assistance
Brentwood TN - Tennessee home equity loan -- Elite Home Loans Inc , Williamson County      Click to request assistance
Brentwood TN - Tennessee reverse mortgage -- Evergreen Mortgage Lending Llc , Williamson County      Click to request assistance
Brentwood TN - Tennessee home equity loan -- Reynolds Mortgage And Investment Co , Williamson County      Click to request assistance
Brentwood TN - Tennessee reverse mortgage -- Sandstone Mortgage Group , Williamson County      Click to request assistance
Brentwood TN - Tennessee home equity loan -- Talbott Title & Escrow LLC , Williamson County      Click to request assistance
Brentwood TN - Tennessee reverse mortgage -- United Capital Mortgage , Williamson County      Click to request assistance
Brentwood TN - Tennessee home equity loan -- Worthington Mortgage Group , Williamson County      Click to request assistance
Bristol TN - Tennessee reverse mortgage -- 1st Metropolitan Mortgage , Sullivan County      Click to request assistance
Bristol TN - Tennessee home equity loan -- Maverick Residential Mortgage , Sullivan County      Click to request assistance
Bristol TN - Tennessee home equity loan -- Novastar Home Mortgage Inc , Sullivan County      Click to request assistance
Camden TN - Tennessee reverse mortgage -- H & H Mortgage Inc , Benton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- Citizens Savings and Loan Downtown Branch, Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- GMAC Mortgage Corp Realtycenter Mortgage, Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- Employees Finance Co, Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- Allied Finance Co, Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- American First Mortgage , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- Absolute Mortgage Inc , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- Global Mortgage Inc , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- Express Mortgage , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- Allegiance Mortgage , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- Doug Grammer , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- United Capital Mortgage , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- American Acceptance Mortgage , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee reverse mortgage -- American First Mortgage LLC , Hamilton County      Click to request assistance
Chattanooga TN - Tennessee home equity loan -- First Bank Mortgage , Hamilton County      Click to request assistance
Clarksville TN - Tennessee reverse mortgage -- Magna Bank , Montgomery County      Click to request assistance
Clarksville TN - Tennessee home equity loan -- Residential Mortgage , Montgomery County      Click to request assistance
Clarksville TN - Tennessee home equity loan -- Cumberland Bank & Trust, Montgomery County      Click to request assistance
Clarksville TN - Tennessee reverse mortgage -- World Finance Corp, Montgomery County      Click to request assistance
Clarksville TN - Tennessee home equity loan -- Assured Mortgage, Montgomery County      Click to request assistance
Clarksville TN - Tennessee reverse mortgage -- Clarksville Finance, Montgomery County      Click to request assistance
Clarksville TN - Tennessee home equity loan -- Advance America, Montgomery County      Click to request assistance
Clarksville TN - Tennessee reverse mortgage -- Altra Federal Credit Union, Montgomery County      Click to request assistance
Clarksville TN - Tennessee home equity loan -- Farmers Insurance Group, Montgomery County      Click to request assistance
Cleveland TN - Tennessee reverse mortgage -- Home Mortgage Solutions Llc , Bradley County      Click to request assistance
Cleveland TN - Tennessee home equity loan -- Benton Banking Mortgage Co , Bradley County      Click to request assistance
Cleveland TN - Tennessee reverse mortgage -- BB&T Mortgage , Bradley County      Click to request assistance
Clinton TN - Tennessee home equity loan -- First National Bank , Anderson County      Click to request assistance
Collierville TN - Tennessee reverse mortgage -- Homestead Mortgage , Shelby County      Click to request assistance
Columbia TN - Tennessee home equity loan -- Community First Bank & Trust , Maury County      Click to request assistance
Columbia TN - Tennessee reverse mortgage -- Farm Credit Services of Mid America , Maury County      Click to request assistance
Columbia TN - Tennessee home equity loan -- Farm Credit Services , Maury County      Click to request assistance
Columbia TN - Tennessee home equity loan -- First Farmers & Merchants Bank , Maury County      Click to request assistance
Cookeville TN - Tennessee reverse mortgage -- CuCorp Inc. , Putnam County      Click to request assistance
Counce TN - Tennessee home equity loan -- Allied Home Mortgage Capital Corp , Hardin County      Click to request assistance
Crossville TN - Tennessee reverse mortgage -- Highland Federal Savings & Loans , Cumberland County      Click to request assistance
Dandridge TN - Tennessee home equity loan -- Community National Bank , Jefferson County      Click to request assistance
Dayton TN - Tennessee reverse mortgage -- Access Mortgage , Rhea County      Click to request assistance
Dickson TN - Tennessee home equity loan -- Middle Tennessee Mortgage , Dickson County      Click to request assistance
Dyersburg TN - Tennessee reverse mortgage -- Security Bank , Dyer County      Click to request assistance
East Ridge TN - Tennessee home equity loan -- Federal Home Mortgage Services , Hamilton County      Click to request assistance
East Ridge TN - Tennessee home equity loan -- Moye Phillip Mortgage Lender , Hamilton County      Click to request assistance
Franklin TN - Tennessee reverse mortgage -- Gibraltar Mortgage , Williamson County      Click to request assistance
Franklin TN - Tennessee home equity loan -- 1st Choice Mortgage Solutions , Williamson County      Click to request assistance
Franklin TN - Tennessee reverse mortgage -- First Choice Mortgage Services , Williamson County      Click to request assistance
Franklin TN - Tennessee home equity loan -- Tennessee Bank & Trust Mortgage Division , Williamson County      Click to request assistance
Franklin TN - Tennessee reverse mortgage -- Mortgage America Inc , Williamson County      Click to request assistance
Gallatin TN - Tennessee home equity loan -- Realty Mortgage Corporation , Sumner County      Click to request assistance
Gallatin TN - Tennessee reverse mortgage -- Family First Mortgage Corp , Sumner County      Click to request assistance
Gallatin TN - Tennessee home equity loan -- Family First Mortgage , Sumner County      Click to request assistance
Gallatin TN - Tennessee reverse mortgage -- Home Inspection Services , Sumner County      Click to request assistance
Gallatin TN - Tennessee home equity loan -- Volunteer Trust Mortgage Corp , Sumner County      Click to request assistance
Goodlettsville TN - Tennessee reverse mortgage -- Intouch Mortgage & Financial Service , Davidson County      Click to request assistance
Goodlettsville TN - Tennessee home equity loan -- Cumberland Mortgage Of Middle Tennessee , Davidson County      Click to request assistance
Goodlettsville TN - Tennessee reverse mortgage -- Approval First Mortgage Inc , Davidson County      Click to request assistance
Goodlettsville TN - Tennessee home equity loan -- Knowledge Tree Mortgage , Davidson County      Click to request assistance
Goodlettsville TN - Tennessee home equity loan -- Emanon Mortgage , Davidson County      Click to request assistance
Goodlettsville TN - Tennessee reverse mortgage -- CuCorp / The Tennessee Credit Union , Davidson County      Click to request assistance
Greeneville TN - Tennessee home equity loan -- American Patriot Bank Mortgage , Greene County      Click to request assistance
Greeneville TN - Tennessee reverse mortgage -- American General Financial Services , Greene County      Click to request assistance
Greeneville TN - Tennessee home equity loan -- Sun Loan Company , Greene County      Click to request assistance
Greeneville TN - Tennessee reverse mortgage -- Greeneville Federal Bank FSB , Greene County      Click to request assistance
Greeneville TN - Tennessee home equity loan -- Heritage Community Bank , Greene County      Click to request assistance
Greeneville TN - Tennessee reverse mortgage -- Heritage Community Bank , Greene County      Click to request assistance
Greeneville TN - Tennessee home equity loan -- Family First Mortgage Corp , Greene County      Click to request assistance
Greeneville TN - Tennessee home equity loan -- Heritage Community Bank , Greene County      Click to request assistance
Hendersonville TN - Tennessee reverse mortgage -- Premier Mortgage Group , Sumner County      Click to request assistance
Hendersonville TN - Tennessee home equity loan -- Alpha Mortgage , Sumner County      Click to request assistance
Hendersonville TN - Tennessee reverse mortgage -- Welco Mortgage LLC , Sumner County      Click to request assistance
Hendersonville TN - Tennessee home equity loan -- Personal Touch Mortgage , Sumner County      Click to request assistance
Hermitage TN - Tennessee reverse mortgage -- Competitive Mortgage , Davidson County      Click to request assistance
Hermitage TN - Tennessee home equity loan -- All American Mortgage , Davidson County      Click to request assistance
Hermitage TN - Tennessee reverse mortgage -- Mortgage Resources Inc , Davidson County      Click to request assistance
Hermitage TN - Tennessee home equity loan -- Stone River Mortgage , Davidson County      Click to request assistance
Hixson TN - Tennessee reverse mortgage -- Elite Mortgage Services , Hamilton County      Click to request assistance
Hixson TN - Tennessee home equity loan -- Accredited Mortgages , Hamilton County      Click to request assistance
Jacksboro TN - Tennessee reverse mortgage -- Universal Mortgage Corp , Campbell County      Click to request assistance
Jacksboro TN - Tennessee home equity loan -- Ivey Kristi Mortgage Advisor , Campbell County      Click to request assistance
Jacksboro TN - Tennessee reverse mortgage -- Preferred Mortgage Lenders , Campbell County      Click to request assistance
Jackson TN - Tennessee home equity loan -- American Mortgage Solutions , Madison County      Click to request assistance
Jackson TN - Tennessee home equity loan -- West Tennessee Mortgage Services , Madison County      Click to request assistance
Jackson TN - Tennessee reverse mortgage -- Casa America Mortgage , Madison County      Click to request assistance
Jackson TN - Tennessee home equity loan -- Acre Mortgage & Financial Inc , Madison County      Click to request assistance
Jackson TN - Tennessee reverse mortgage -- First South , Madison County      Click to request assistance
Joelton TN - Tennessee home equity loan -- Trinity Mortgage & Trust , Davidson County      Click to request assistance
Johnson City TN - Tennessee reverse mortgage -- Murphy Financial Services , Washington County      Click to request assistance
Johnson City TN - Tennessee home equity loan -- Family First Mortgage Corp. , Washington County      Click to request assistance
Johnson City TN - Tennessee reverse mortgage -- Wells Fargo Home Mortgage , Washington County      Click to request assistance
Johnson City TN - Tennessee home equity loan -- Carteret Mortgage Corporation , Washington County      Click to request assistance
Johnson City TN - Tennessee home equity loan -- CuCorp Inc , Washington County      Click to request assistance
Jonesborough TN - Tennessee reverse mortgage -- First Rate Mortgage , Washington County      Click to request assistance
Jonesborough TN - Tennessee home equity loan -- First Rate Mortgage , Washington County      Click to request assistance
Jonesborough TN - Tennessee reverse mortgage -- Willis Jones Synergy Mortgage Co , Washington County      Click to request assistance
Kingsport TN - Tennessee home equity loan -- Home Town Mortgage Group Inc , Sullivan County      Click to request assistance
Kingsport TN - Tennessee reverse mortgage -- A & R Mortgage , Sullivan County      Click to request assistance
Kingsport TN - Tennessee home equity loan -- Allied Home Mortgage Capital Corp , Sullivan County      Click to request assistance
Kingsport TN - Tennessee reverse mortgage -- Carteret Mortgage , Sullivan County      Click to request assistance
Kingsport TN - Tennessee home equity loan -- Tristar Mortgage Group , Sullivan County      Click to request assistance
Kingsport TN - Tennessee reverse mortgage -- Reverse Mortgage , Sullivan County      Click to request assistance
Knoxville TN - Tennessee home equity loan -- Smokey Mountain Mortgage , Knox County      Click to request assistance
Knoxville TN - Tennessee reverse mortgage -- Citizens National Bank , Knox County      Click to request assistance
Knoxville TN - Tennessee home equity loan -- Mortgage Investors Of Knoxville LLC , Knox County      Click to request assistance
Knoxville TN - Tennessee reverse mortgage -- Great House Mortgage , Knox County      Click to request assistance
Knoxville TN - Tennessee home equity loan -- Appraisal Associates , Knox County      Click to request assistance
Knoxville TN - Tennessee home equity loan -- Principal Mortgage , Knox County      Click to request assistance
Knoxville TN - Tennessee reverse mortgage -- First Tennessee Home Loans , Knox County      Click to request assistance
Lafayette TN - Tennessee home equity loan -- Millstone Mortgage , Macon County      Click to request assistance
Lebanon TN - Tennessee reverse mortgage -- Right Mortgage , Wilson County      Click to request assistance
Lebanon TN - Tennessee home equity loan -- Mortgage Access , Wilson County      Click to request assistance
Lebanon TN - Tennessee reverse mortgage -- American Liberty National Mortgage Corp , Wilson County      Click to request assistance
Lebanon TN - Tennessee home equity loan -- Investors Trust Mortgage Corporation , Wilson County      Click to request assistance
Limestone TN - Tennessee reverse mortgage -- Reverse Mortgage Center , Washington County      Click to request assistance
Lynchburg TN - Tennessee home equity loan -- Farmers Bank , Moore County      Click to request assistance
Madison TN - Tennessee home equity loan -- Amerivest Mortgage/Hampton Lending , Davidson County      Click to request assistance
Madison TN - Tennessee reverse mortgage -- Global Mortgage Inc , Davidson County      Click to request assistance
Madison TN - Tennessee home equity loan -- Mortgage Group The , Davidson County      Click to request assistance
Madison TN - Tennessee reverse mortgage -- Hometown Mortgage Brokers Inc , Davidson County      Click to request assistance
Madison TN - Tennessee home equity loan -- FMC Mortgage , Davidson County      Click to request assistance
Madison TN - Tennessee reverse mortgage -- Security Capital Mortgage , Davidson County      Click to request assistance
Madisonville TN - Tennessee home equity loan -- Madisonville Mortgage Assoc , Monroe County      Click to request assistance
Madisonville TN - Tennessee reverse mortgage -- Personal Mortgage Solutions Inc , Monroe County      Click to request assistance
Manchester TN - Tennessee home equity loan -- Tennessee Valley Home Loans LLC , Coffee County      Click to request assistance
Manchester TN - Tennessee reverse mortgage -- Mortgage Investors Group , Coffee County      Click to request assistance
Maryville TN - Tennessee home equity loan -- First National Bank , Blount County      Click to request assistance
Maryville TN - Tennessee reverse mortgage -- Y-12 Federal Credit Union , Blount County      Click to request assistance
Maryville TN - Tennessee home equity loan -- Blount Home Mortgage , Blount County      Click to request assistance
Morristown TN - Tennessee reverse mortgage -- Mortgage Federal Corporation , Hamblen County      Click to request assistance
Morristown TN - Tennessee home equity loan -- Wells Fargo Home Mortgage , Hamblen County      Click to request assistance
Morristown TN - Tennessee reverse mortgage -- Curtis Mortgage Co Inc , Hamblen County      Click to request assistance
Morristown TN - Tennessee home equity loan -- Wells Fargo Home Mortgage , Hamblen County      Click to request assistance
Morristown TN - Tennessee reverse mortgage -- People First Mortgage , Hamblen County      Click to request assistance
Mount Juliet TN - Tennessee home equity loan -- Golden Rule Mortgage , Wilson County      Click to request assistance
Mount Juliet TN - Tennessee home equity loan -- Premier Mortgage Funding Inc , Wilson County      Click to request assistance
Mount Juliet TN - Tennessee reverse mortgage -- Mid-South Mortgage , Wilson County      Click to request assistance
Mount Juliet TN - Tennessee home equity loan -- Jim McVey Primary Residential Mortgage , Wilson County      Click to request assistance
Mount Juliet TN - Tennessee reverse mortgage -- Guaranty Trust , Wilson County      Click to request assistance
Mount Juliet TN - Tennessee home equity loan -- Crosstown Mortgage Group , Wilson County      Click to request assistance
Murfreesboro TN - Tennessee reverse mortgage -- Commerce Union Mortgage , Rutherford County      Click to request assistance
Murfreesboro TN - Tennessee home equity loan -- Brothers Mortgage LP , Rutherford County      Click to request assistance
Murfreesboro TN - Tennessee reverse mortgage -- Franklin American Mortgage , Rutherford County      Click to request assistance
Murfreesboro TN - Tennessee home equity loan -- Gold Key Mortgage Corp , Rutherford County      Click to request assistance
Murfreesboro TN - Tennessee reverse mortgage -- Pioneer Credit Company , Rutherford County      Click to request assistance
Nashville TN - Tennessee home equity loan -- Amstar Mortgage Corp , Davidson County      Click to request assistance
Nashville TN - Tennessee reverse mortgage -- Primary Residential Mortgage Inc , Davidson County      Click to request assistance
Nashville TN - Tennessee home equity loan -- Regions Mortgage , Davidson County      Click to request assistance
Nashville TN - Tennessee reverse mortgage -- World Finance Corp, Davidson County      Click to request assistance
Nashville TN - Tennessee home equity loan -- Cash Loans Co, Davidson County      Click to request assistance
Nashville TN - Tennessee home equity loan -- Arcs Commercial Mortgage Co, Davidson County      Click to request assistance
Nashville TN - Tennessee reverse mortgage -- Lincoln Mortgage LLC , Davidson County      Click to request assistance
Nashville TN - Tennessee home equity loan -- Premier Mortgage Funding Inc , Davidson County      Click to request assistance
Nashville TN - Tennessee reverse mortgage -- Farmington Financial Group LLC , Davidson County      Click to request assistance
Oak Ridge TN - Tennessee home equity loan -- Y-12 Federal Credit Union , Anderson County      Click to request assistance
Oak Ridge TN - Tennessee reverse mortgage -- Arthur Sass CPA , Anderson County      Click to request assistance
Oak Ridge TN - Tennessee home equity loan -- Citizens National Bank , Anderson County      Click to request assistance
Old Hickory TN - Tennessee reverse mortgage -- Competitive Mortgage , Davidson County      Click to request assistance
Paris TN - Tennessee home equity loan -- Prime Mortgage Services Llc , Henry County      Click to request assistance
Piney Flats TN - Tennessee home equity loan -- All Fund Mortgage , Sullivan County      Click to request assistance
Pleasant View TN - Tennessee reverse mortgage -- Tri Star Mortgage LLC , Cheatham County      Click to request assistance
Pleasant View TN - Tennessee home equity loan -- Tennessee Trust Mortgages , Cheatham County      Click to request assistance
Pleasant View TN - Tennessee reverse mortgage -- US Trust Mortgages , Cheatham County      Click to request assistance
Portland TN - Tennessee home equity loan -- Vision Mortgage Professionals , Sumner County      Click to request assistance
Powell TN - Tennessee reverse mortgage -- First Centrury Bank , Knox County      Click to request assistance
Red Bank TN - Tennessee home equity loan -- Lenders Mortgage Network , Hamilton County      Click to request assistance
Ripley TN - Tennessee reverse mortgage -- Bank Of Ripley , Lauderdale County      Click to request assistance
Rogersville TN - Tennessee home equity loan -- Anchor Mortgage Associates Inc , Hawkins County      Click to request assistance
Rogersville TN - Tennessee reverse mortgage -- Cash Advantedge , Hawkins County      Click to request assistance
Sevierville TN - Tennessee home equity loan -- Citizens National Bank , Sevier County      Click to request assistance
Sevierville TN - Tennessee reverse mortgage -- Eastman Credit Union , Sevier County      Click to request assistance
Sevierville TN - Tennessee home equity loan -- Tennessee State Bank , Sevier County      Click to request assistance
Sevierville TN - Tennessee reverse mortgage -- Sevier County Bank , Sevier County      Click to request assistance
Shelbyville TN - Tennessee home equity loan -- Family First Mortgage , Bedford County      Click to request assistance
Smyrna TN - Tennessee home equity loan -- Home Mortgage Group LLC The , Rutherford County      Click to request assistance
Smyrna TN - Tennessee reverse mortgage -- Primary Residential Mortgage , Rutherford County      Click to request assistance
Smyrna TN - Tennessee home equity loan -- Family First Mortgage , Rutherford County      Click to request assistance
Spring Hill TN - Tennessee reverse mortgage -- GMAC Mortgage , Maury County      Click to request assistance
Springfield TN - Tennessee home equity loan -- F & M Mortgage Inc , Robertson County      Click to request assistance
Springfield TN - Tennessee reverse mortgage -- Mortgage Solutions Services Inc , Robertson County      Click to request assistance
Talbott TN - Tennessee home equity loan -- Family First Mortgage , Hamblen County      Click to request assistance
Trenton TN - Tennessee reverse mortgage -- Security Bank , Gibson County      Click to request assistance
Vonore TN - Tennessee home equity loan -- Wells Fargo Reverse Mortgage , Monroe County      Click to request assistance
Vonore TN - Tennessee home equity loan -- Atlas Mortgage Broker Co , Monroe County      Click to request assistance
Watertown TN - Tennessee reverse mortgage -- Aabacus Mortgage , Wilson County      Click to request assistance
White House TN - Tennessee home equity loan -- Farmers Bank Mortgage Loan Office The , Robertson County      Click to request assistance

 

Contact Tennessee Reverse Mortgage Services

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About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.