Reverse Mortgages

Enjoy the Rewards of Your Investment

It used to be that to get money from your home, you had to sell it or borrow against it, which required a monthly payment. Not anymore. A reverse mortgage allows you to turn your home equity into cash without moving or making loan payments. And you don’t have to pay it back for as long as you remain in your home.

Reverse Mortgage Lending, Inc. (RMLI), a Wescom Company, can assist you in getting the right reverse mortgage to ensure your financial future in the home you love.

It’s Still YOUR Home

With a reverse mortgage, you retain title to your home. You’re responsible for property taxes, homeowners insurance, and upkeep. If you’d like, RMLI can work with your lender to set aside a portion of the loan funds for taxes and insurance, which will be paid for you.

Qualifying for a Reverse Mortgage

Qualifying for a reverse mortgage is easy. To be eligible, you must:

• Be at least 62 years of age
• Own your own home
• Be able to pay off any outstanding mortgage using the reverse mortgage or personal funds
• Occupy your home as your primary residence

You don’t need to have great credit to qualify for a reverse mortgage.

Tax-Free Income

The amount of money you can borrow is based on your age, the value of your home, the equity, the interest rate, and other factors. The older you are and the more equity you have, the more cash you can get. You can choose to receive your money in several ways:

• Lump sum
• Monthly payment
• Line of Credit

You can also choose any combination of these options. RMLI will work with you to determine which method best serves your needs.

All funds from a reverse mortgage are tax-free, and can be used for anything! Want to travel? Renovate your home? Buy a new car? Spoil your grandkids? Supplement your retirement income? You can do it with a reverse mortgage.

Never Pay It Back

You don’t have to make payments on your reverse mortgage—the lender pays you! The loan comes due and must be repaid only when you sell your home, permanently move, or die. Plus, a reverse mortgage is a “non-recourse loan,” which means the amount you owe will never exceed the value of your home.

If you still live in your home when you die, your heirs may either pay the balance due on the reverse mortgage and keep the home, or sell it and pay off the reverse mortgage. If they sell it, they can keep any excess proceeds from the sale.

FHA Regulated Fees

As with a "forward" mortgage, you’ll be responsible for paying an origination fee, third-party closing costs, and FHA (Federal Housing Administration) mortgage insurance. FHA caps these fees to ensure that they’re affordable. If you’d like, you can pay them directly from the proceeds of your loan, reducing your out-of-pocket expense to just the cost of a property appraisal.

Your Government Assistance is Unaffected

A reverse mortgage won’t affect your regular Social Security or Medicare benefits. However, if you receive a lump sum payment from a reverse mortgage, it could affect Medicaid eligibility. RMLI can work with you to determine how your reverse mortgage might affect other federal or state assistance programs and develop a payment plan that works best for your situation.

Counseling that Protects You

All reverse mortgage borrowers are required to receive counseling from a third-party counseling agency before applying for a reverse mortgage. Your counselor will make sure you are informed about reverse mortgages, the costs you’ll incur, and other options. RMLI will help you select a reverse mortgage counselor near you or help you arrange counseling over the phone.

Enjoy your independence. Stay in your home. Embrace financial peace of mind. Call RMLI today at 1-800-657-4761 to find out how a reverse mortgage can work for you.

RMLI, a Wescom company, is an independent mortgage broker who will find the best reverse mortgage for your needs, originate it for you, and then place it with a reverse mortgage lender for funding and servicing.