Investment Corportation
(Not a Government Agency)
NMLS Company ID 2719
Licensed Correspondent Mortgage Lender State of
New Jersey Department of Banking and Insurance
Call 800-788-1184
Pleasing People since 1973
Reverse Mortgage Facts
- All borrowers must be 62 years or older
- No repayment is made until the home is sold or the owner permanently moves out or passes away
- You will never owe more than the current market value of your home
- No income qualification
- Interest is paid at the time the loan is repaid
- When the loan is due, your heirs have choices, they can repay the loan and keep the house, or sell the house and repay the loan
- Social Security Benefits and Medicare are generally not affected by a Reverse Mortgage - consult appropriate government agencies
- You own your home. The lender does not take control of the title
- Interest rates are adjustable and can change periodically, however, this DOES NOT affect the amount you will receive
- Closing costs and fees incurred can be financed as part of the loan
Reverse Mortgages are helping older Americans achieve greater financial security, and enjoy their retirement years to the fullest. You can have the income you need to remain living comfortably in your own home in retirement and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends.
A Reverse Mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and retain financial independence, by converting equity into income, a reverse mortgage is a way to stay in your home and receive case to use for any purpose - whether it's day-to-day living expenses, home remodeling or repair, paying off your existing mortgage or debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.
Homeowners who are 62 years old or older can qualify and there is no income or credit qualifications. The size of the Reverse Mortgage granted depends upon your age, the type of Reverse Mortgage sought, the home's value, and interest rates.
For as long as a Reverse Mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrowers no longer occupy the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.
Currently there are a number of different Reverse Mortgage programs available: The government insured HUD/FHA Home Equity Conversion Mortgage Program (HECM), The Home Keeper product by FannieMae, and The Jumbo Proprietary Cash Account plan. The Cash Account product provides increased benefits for higher valued property.
Reverse Mortgages are a big part of our commitment to helping even more people meet the challenges that make staying in their homes and living independently a dream come true.
Get Started Now!
We make it as easy as possible for you to obtain the Reverse Mortgage that's right for you. We're with you every step of the way, helping to customize a loan that meets your unique needs. And because we know these decisions can sometimes be challenging, we encourage you to seek the advice and counsel of those you trust most - your family, friends, attorney, and accountant.
1. Getting Started
If you want to learn how a Reverse Mortgage will work for you, a Reverse Mortgage specialist will visit you in your home and explain the benefits, features, income options and costs.
2. Taking Action
When you are ready to move forward, we will assist you in completing an application request and schedule a counseling session with an approved counselor. Any home repairs can be paid out of benefits.
3. You Are In Control
A lien is recorded against your home, but you will retain full title to the property and remain in control of your home. You will continue to have the responsibility for maintaining the home and paying property taxes and insurance premiums as they are due.
