No repayment is required as long as the homeowner lives in the home. The homeowner must still pay property taxes, homeowner's insurance and maintain the home.
You own your home - the lender does not take control of the title.
There are no credit or income qualifications
Reverse Mortgage Money Can Be Used For Anything You Wish!
Repay existing mortgages,
Consolidate or pay down credit card debt,
Supplement monthly Social Security or retirement income,
Establish an emergency fund,
Pay for medical expenses and prescriptions,
Take a dream vacation or purchase a new car,
Set up a college fund for your grandchildren,
Make home renovations or repairs,
Stop foreclosure proceedings.
When the loan is due, your heirs have choices – they can repay the loan and keep the house, or sell the house to repay the loan
Complete the form below to find out more.
Last Name:
Homeowner Age:
Co-Owner Age:
Borrower Property Information
Zip Code:
Home Value:
Mortgage Balance:
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Over the last few years a new kind of mortgage, available only to those over the age of 62, has taken center stage as a retirement planning tool. Once considered a resource for the “house rich and cash poor”, the Home Equity Conversion Mortgage (HECM) or Reverse Mortgage, is now being used by every
category of senior to meet their financial goals and maintain their lifestyle.
A Reverse Mortgage helps seniors add to their retirement income with the ability to access home equity without a monthly payment*. They are able to increase precious retirement cash flow by paying off their current mortgage. Others will just use some of their hard-earned cash from the equity in their home for special projects, or really, anything they want. Congress started this program in 1984, and later developed the current Home Equity Conversion Mortgage program. This FHA/HUD program is government guaranteed and insured, making it a great, safe financial tool, now available to those 62 years and older. All without the need for income or credit qualification!
A Reverse Mortgage works just like your forward / conventional mortgage – except in reverse. The lender gives you money from the equity in your home, but without a monthly payment*. Instead of you paying the lender, the lender is paying you!
Reverse Mortgage proceeds are made available to you in any combination of three forms:
A lump-sum payment
A line-of-credit that grows every year
A regular monthly check.
You keep title to your home, you live in your home, and the mortgage amount, together with interest, is due when you sell the house or permanently stop living in the house (as your primary residence.)
At that point you or your heirs will either pay off the loan, keep the house, refinance, or sell the house, at which time the loan balance will be paid out of the proceeds of the sale. If the house doesn’t sell for enough to pay the loan, your heirs can walk away – they, or you, will never owe more than the house is worth. Since the Reverse Mortgage is insured by the FHA, it’s guaranteed that your estate does not pay more than the value of the home at the time of the sale. The loan only attaches to the house -not to you or your heirs.
There are no limits on how you can use the proceeds from the Reverse Mortgage. Some typical uses are:
Home improvements or repairs
An emergency fund for future, unforeseen bills
Contribution to your children or grandchildren’s’ college education
Purchase of long term care insurance
Even take your dream vacation!
Anything YOU want to do!
You decide to let the house work for you, instead of you working for your house.
The older you are and the higher your home value, the more money you can borrow. So, rather than selling your home to get the money you need, or being saddled with a home-equity loan payment that will probably outlive you, a reverse mortgage may be the right choice for you.
*Please be advised that while you will have no obligation to make monthly mortgage payments with the HECM, you are still responsible to pay real property taxes, homeowner’s insurance, and to maintain the property.
Upstate Capital, Inc., 6522 Basile Rowe, East Syracuse New York is the owner and operator of this web site, SeniorsRetirement.com, and is licensed as follows:
Federal License:
FHA Licensed Correspondent Lender; All Loans Arranged through Third Party Lenders. Mortgage Broker Only, Not a Mortgage Lender.
State Licenses:
Connecticut: Licensed First Mortgage Correspondent Lender/Broker & Second Mortgage Correspondent by CT Banking Department-MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER All Loans Arranged Through Third Party Lenders. Mortgage Broker Only, Not a Mortgage Lender.
Florida: Florida Correspondent Lender All Loans Arranged Through Third Party Lenders. Mortgage Broker Only, Not a Mortgage Lender.
New York: NYS Registered Mortgage Broker-NYS Banking Department All Loans Arranged Through Third Party Lenders. Mortgage Broker Only, Not a Mortgage Lender.
Pennsylvania: Licensed as a First Mortgage Broker by the Pennsylvania Banking Department; Licensed as a Second Mortgage Broker in Pennsylvania pursuant to the Secondary Mortgage Loan Act. All Loans Arranged Through Third Party Lenders. Mortgage Broker Only, Not a Mortgage Lender. FHA Licensed Correspondent Lender.
New Jersey: Licensed Mortgage Broker, by the New Jersey Department of Banking and Insurance.
