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Are there any income or credit requirements? Absolutely not! Your credit history and income are not factors in qualifying for a Reverse Mortgage.

Do I have to pay taxes on this money? No! The money from the Reverse Mortgage is considered loan proceeds and therefore is not considered income, consult your financial advisor.

Do my spouse and I both have to be 62? No. But this may add some risk. So please be sure to inform your loan officer if your spouse is under 62.

FUNDING HOME IMPROVEMENTS

How many of you put off home improvements because you don't want to tap into your savings? It's not uncommon for people, especially seniors, to put off painting their house or re-shingling their roof because their savings is limited. What they have in savings is usually all they will have, so it has to last. Not knowing what the future holds makes it hard to spend money. Regardless, it is necessary to keep up with small home repairs in order to prevent major costs in the future. What can you do?

Frank and Margie wanted to take care of their home, yet they did not want to touch their savings. They intended to stay in their home for the rest of their lives. Keeping the home in good condition was paramount if they were to stay in the home. In addition, the reality that Frank was getting sick and needed assistance with daily living was an issue they needed to address.

The Reverse Mortgage was a perfect fit. The money they took out against their home did not have to be paid back until both of them no longer lived or no longer lived in their home and met the reverse mortgage requirements. First thing they did was take a good portion of the money to replace their roof and use for other home improvements. Long Term Care was something they were aware of but did not want to think about. Long term care insurance was out of the question for a variety of reasons. What did they do? They invested their reserves with the least amount of risk and the best possibility for growth.

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