Click on any of the links below to learn more about Reverse Mortgages:

•   It does not affect the one-time $125,000 tax exemption for people over 55
•   It does not affect Social Security, Medicare, or pension benefits
•   It may decrease or eliminate tax gain on the sale of the residence. At the time of sale, interest deduction is offset to taxable gain on homeowners personal tax return
•   For high income/large asset estates, a Reverse Mortgage can reduce assets so that the estate tax is decreased or avoided ($600,000 for individuals; $1,200,000 for couples)
•   It can facilitate a gifting program to grandchildren to reduce taxable estate

There are various kinds of Reverse Mortgages to fit the needs and desires of different homeowners. The options provided by a Reverse Mortgage are designed to meet the specific needs of different borrowers. There are three options for receiving cash benefits:

Monthly Income can be used for any purpose. For example:
   ·  Increasing your options for recreation and entertainment
   ·  Providing for home health care or in-home nursing
   ·  Help with the rising cost of living
   ·  Buying home health care or other long-term care
   ·  Providing for ongoing, low-level health care costs and medicines
   ·  Provide for home repairs and maintenance
   ·  Relieving you from monthly financial dependence on your children

Lump Sum Cash Advances can be used for:
   ·  Home repairs
   ·  Major purchases
   ·  Property taxes
   ·  Eliminating debts and/or credit card balances
   ·  Avoiding impending foreclosure
   ·  Freeing up capital for investments
   ·  Medical bills
   ·  Long-term care insurance premium
   ·  Cash gifts for children or grandchildren
   ·  College funds for grandchildren
   ·  Down payment on a home for children or grandchildren
   ·  Unfulfilled dreams (that vacation you've always wanted)

A Line of Credit can be used as:
   ·  A safety net for future financial obligations (such as annual property taxes)
   ·  An anticipated future maintenance item
   ·  A "Nest Egg" to draw on for late-in-life dreams