Home loan options that pays you:· Lump sum
· Specific amount for a specific amount of time or for life
· In an account you can use whenever you choose
· Any combination of the above choices
No payments are made to the lender during the life of the loan provided:
· Property taxes are paid
· Maintenance and repairs are maintained
· Keep the home insured.
Special features:
· Proceeds from loan are NOT taxable(consult your tax advisor)
· Proceeds will NOT affect your social security or Medicare benefits
· A reverse mortgage allows a homeowner to convert a portion of the value of his or her home into cash
· You cannot outlive the loan.
· You CAN leave your home to your heirs.
· Prior to loan closing, borrowers are counseled by a HUD approved specialists to insure complete understanding of this unique Government program.