The process starts with education. Each Senior homeowner must take an FHA require course. You may do this by telephone or in a class room setting at a local non for profit agency. Jerry Vinett will provide a list of 5 different non profits that offer the counseling by Telephone and 5 more non profit agencies that offer the reverse morgage counseling in your area.

Next we will provide you with several different reverse mortgage options that are available to you. Then we can compare rates and programs offered by several Leading Reverse Mortgage lenders.

Then we will submit a reverse mortgage application to the lender you choose and your loan will close your reverse mortgage in 30 days or less.

Remember your qualification for a reverse mortgage is not based on your credit score or your current income just the equity in your home.

Most reverse mortgages require you be at least 62 years of age, have a substantial equity in your home and maintain the property as your principal residence. You do not need to have good credit or income to qualify. Your homes equity is what your reverse mortgage is based on. Depending on the homes value and your existing loan balance (if any) will determine the amount of your line of credit. We can provide you with several options all of which include no more mortgage payments for as long as you live in your home.

 
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.

Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.