Reverse Mortgages

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Mike Gruley, CRMP®
Certified Reverse Mortgage Professional
NMLS# 131792

800-720-7003

What is a reverse mortgage?

A reverse mortgage is a special type of loan developed and insured by the U.S. Dept. of HUD that enables homeowners who are 62 years of age or older to access a portion of the equity in their home without ever having to make a monthly mortgage payment.*

Facts about reverse mortgages:

  • You continue to live in the home and retain title and ownership of it.
  • No repayment is required as long as the borrower owns and lives in the home.
  • The funds may be used for any purpose.
  • You receive any remaining equity after the loan is paid off.

What are funds typically used for?

  • Everyday living expenses
  • Home repair expenses
  • Medical or in-home care expenses
  • Pay-off of current mortgage or debt
  • Property taxes and/or home insurance payment
  • Retirement planning

How do you receive your funds?

  • Lump Sum at the loan closing
  • Monthly Cash Advance
  • Line of Credit
  • Any combination of the above three options

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*Borrowers are responsible for property taxes, homeowners insurance, association dues, and property maintenance.