Our Reverse Mortgage Information for seniors living in all 50 states, including California, Hawaii, Puerto Rico and the District of Columbia, is provided to give you a better understanding as to how this unique mortgage product can benefit you and your family. The purpose of reverse lending is to allow homeowners over 62 years of age to recover some of the equity that has accumulated in their home. Once the reverse mortgage, or HECM, has been approved, the senior can elect to be paid in one lump sum, monthly payments and/or a home equity line of credit (HELOC). Since reverse mortgages are non-recourse home loans, the amount owed will never exceed the value of the house at the time it is sold by you or the heirs to your estate. If you are ready to access your cash reserve, contact Trinity today for a “No Obligations” quote and please use our website’s FREE lender services like the reverse mortgage calculator.
You do not have to own your home outright to qualify for a reverse home loan and the approval process for reverse mortgage lending does not require a credit check or proof of income. As long as the homeowners named on the property’s title are 62 or older and you have an appropriate amount of equity in the home, you can apply with any HECM lender or approved Reverse Mortgage Lender in your state. The money that you receive from the reverse mortgage is “Tax Free” and does not affect your Social Security or Medicare benefits. Additionally, you retain title to your home for as long as you continue to live in the home. After you pass, the reverse mortgage lender does not take possession of your property. Instead, the property becomes part of your estate and your heirs can elect to pay off the reverse loan, refinance the home with a conventional mortgage or sell the property and absolve the debt. Give us a call at 1-866-707-4664 to discuss your needs for tax-free income.
