The Wall Street Journal reports that Reverse Mortgages are giving older homeowners more options to tap into the equity in their homes”

It’s SIMPLE:  If you’re 62 years old and you own your home you may be able to payoff your current mortgage or access the equity in you home without making any monthly loan payments…  That’s right NO PAYMENTS

Reverse Mortgages enable you to turn the value of your home into Tax Free cash to fund your retirement. This program can be custom tailored to your needs.

These funds can be withdrawn: 

  • In a single lump sum upfront amount

  • As a regular monthly cash advance

  • Held in reserve as a credit line account that lets you customize when and how much is paid to you - changing over time as your needs change.

  • As a combination of these three payment methods
This government insured product was first established by the Housing and Community Development Act of 1987, as part of the U.S. Department of Housing and Urban Development (HUD) in an effort to help seniors just like you.

Here’s how it works.  A Reverse Mortgage is a loan that's borrowed against your property's value that does not have to be repaid at a predetermined date. This loan continues (without any payment from you) as long as you live in your home, make any necessary home repairs and continue to pay your property taxes.

The title and deed always remain in your name, and you can remain in your home as long as you live in the home.  The bank or lender does not own your property.

Keep in mind your home doesn’t need to be paid off to qualify. There is no income or credit criteria, like there are with refinancing or taking out home equity lines.

In summary, it's a loan in reverse, where the lender or bank pays you, helping you to turn the value of your property (single family home, condos and manufactured homes, etc.) into Tax Free cash. You or your estate will pay the money back plus interest when you permanently decide to move out of your home.
 

 

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Guardian First Funding Group, LLC, One Penn Plaza, Suite 1414, New York, NY 10119. Trade/servicemarks are the property of Guardian First Funding Group and/or its subsidiaries. Licensed by the Department of Corporations under the California Finance Lenders Law; Licensed by the California Department of Real Estate (Guardian First Funding Group, Inc.); Connecticut – Mortgage Correspondent Lender/Broker # 14560; Delaware, Office of the State Bank Commission, MB License NO.010889; State of Florida Office of Financial Regulation; Georgia Reg.#19764; Maryland, Mortgage Lender 11811; Massachusetts Mortgage Broker License NO. MB 3748 – acting in the capacity of a Mortgage Broker in MA; Michigan – Mortgage Broker #FL 0010711, 2nd Mortgage Registration SR 0010743; Registered Mortgage Broker, NYS Banking Department; New Jersey – State of NJ Department of Banking and Insurance Reference No. 0804609-C20; Ohio – Division of Financial Institutions exemption, MBMB. 850092.000; Licensed with the Pennsylvania Banking Department; and Licensed by Virginia State Corporation Commission License #MC-3327; Texas Mortgage Banker, registration # 84221. Some products may not be available in all states. All loans arranged through third parties. This is not a commitment to lend. Restrictions apply. All rights reserved. We arrange but do not make loans. Equal Housing Lender.

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Guardian First Funding Group, LLC
One Penn Plaza, Suite 1414 New York, NY 10119
100 Penn Square East, Suite 1200 Philadelphia, PA 19107

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