About Reverse Mortgages:

A reverse mortgage is a home equity loan that is designed for older homeowners, and those with a lot of equity in their home. Unlike a regular mortgage where you make payments, a reverse mortgage makes payments to you. One of the greatest benefits of a reverse mortgage is that no payments are due as long as you live in your home. A reverse mortgage turns the value of your home into cash without having to sell it or make a loan payment each month. Reverse mortgages usually don't require repayment while you or any co-owner live in the home.

Reverse mortgages are different from other loans in the following ways:

• You don't need an income to qualify for a reverse mortgage
• You don't have to make monthly payments on a reverse mortgage
• You can use your reverse mortgage as additional monthly income
• You are protected and insured against owing more than the value of your home
• You will never lose your home as long as you pay the property taxes and maintain your property

Reverse mortgages are safe and secure because they are insured by the federal government through HUD/FHA. You will continue to own and maintain full control over your home and your home title remains with you.

There are only a few simple requirements to qualify for a reverse mortgage:

• You and any other homeowners must be 62 or older
• Your home must be your primary residence
• You must not be delinquent on any federal debt.
• You must be a homeowner and have enough equity to qualify for the program.
• Your home must be a single-family residence in a 1- to 4-unit dwelling, or part of a planned unit development (PUD) or a HUD-approved condominium; some manufactured housing is eligible, but cooperatives and many mobile homes are not.
• Your home must meet HUD's minimum property standards, but you can use the HECM to pay for repairs that may be required.
• You must discuss the program with a counselor from a HUD-approved counseling agency.

The benefits of having a reverse mortgage:

People everywhere are improving their lives and increasing their monthly income by signing up for a reverse mortgage. Here is what some of our customers have used their reverse mortgages for:

• Eliminating debt – paying off first or second mortgages or credit debt
• Ease financial stress by having extra cash available to spend each month
• Gain access to extra cash to renovate, remodel, or update your home
• Have extra money to travel

At Plaza Residential Mortgage, we want you to be well-informed and make decisions that are right for you. Your Advisor and Processor will be with you every step of the way to answer your questions and help you get your home to start working for you.