Reverse Mortgages for Senior Adults

A Reverse Mortgage will provide eligible homeowners, 62 years of age or older, the ability to turn the equity in their home into tax-free cash flow. For more information, call us at (800) 294-3896.

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How Reverse Mortgages Work

HUD-approved specialists answer your questions

Reverse Mortgage Counseling

A Reverse Mortgage can assist in providing a tax free cash flow to eligible homeowners, 62 years of age or older. The Reverse Mortgage allows homeowners access to money that they have built up as equity in their homes. Primarily, the mortgage is designed to strengthen seniors personal and financial independence by making funds available to the homeowner, without the obligation of a monthly payment while in the home.

Contact a HUD-approved Reverse Mortgage Counselor Today!

What are the benefits of a Reverse Mortgage?

No loan repayment for as long as you reside in your home
Tax-free funds for as long as you reside in your home
No income, medical, or credit requirements
Retain ownership of your home for life, a guaranteed benefit as long as you maintain your home, pay insurance, and property taxes
Choose a cash flow plan adequate to your needs
No restrictions on how to use the funds

What You Need to Know About a Reverse Mortgage

Question: Can the lender take my home away if I outlive the loan?

Answer: No! Nor is the loan due. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value.

Question: Why is it important to speak with a HUD approved housing counselor?

Answer: There are risks, obligations and costs associated with obtaining a reverse mortgage loan. Its important to understand and carefully consider your decision.

Question: Will I still have an estate that I can leave to my heirs?

Answer: When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD's reverse mortgage loan. This debt will never be passed along to the estate or heirs.

Question: How can I find out if a Reverse Mortgage is right for me?

Answer: A Reverse Mortgage counseling session is required if youre interested in obtaining a Reverse Mortgage. Springboard offers non-obligatory counseling sessions that facilitate this requirement.

Question: How do I receive my payments?

Answer: You have five options:

Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

Term - equal monthly payments for a fixed period of months selected.

Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.

Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.

Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.

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Reverse Mortgages

Testimonials

The HUD-approved reverse mortgage counselors are provided by Springboard, a non-profit company, serving the community and helping people like you since 1974.

"I wanted to thank you for your counselor's kindness and attention in the past several weeks, and particularly my appreciation and gratitude to your counselors. They were more than helpful in ferreting-out some concerns of mine and the cordiality extended to their availability to answer any of my subsequent questions I might have at a later time.

For individuals in my particular situation, I find it comforting that Springboard recognizes the unique concerns of your clients and that your organization is empathetic to each individual. Thank you again for the services that you provide."

- Client in Riverside County, CA

"This is a letter that I fell should be written. I have been dealing with several counselors in your offices for the past several weeks. I am trying to obtain a Reverse Mortgage for my mother, and unfortunately, there have been many obstacles. I have made several phone calls to Springboard and I wish to commend everyone that I spoke to for their courtesy and help.

At no time did they make me feel that I was bothering them. They went out of their way to help me in this trying process and I wanted you to know how grateful I am for their kindness. Thank you and the counselors that I spoke with for their help and courtesy. It is appreciated very much."

- Client in Monmouth County, NJ

"I just wanted to express my gratitude towards your counselors for taking the time to help me with my mom and my loan problems. The counselor spent so much time on it, even though there were other things to do and we really appreciated it. Thank you so much!"

- Client in Riverside County, CA