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Live the way you want during retirement
understand and are also comfortable with. We strive to bring transparency to the process and we
live by always putting the home owner first. We want to eliminate people taking advantage of the
senior population who needs and deserves our assistance the most.
Eliminate Your Monthly Mortgage
- Stay in your home long-term.
- Have a reliable line of credit.
Access Cash
used in endless ways, such as taking
trips or paying for home remodeling projects.
- Pay for your bucket list of vacations.
- Pay off medical bills.
- Take a cruise.
Stay in Your Home
- Renovate your home.
- Help your grandchildren pay for college.
Let’s talk, schedule a FREE, No Obligation consultation with one of our specialists
FREQUENTLY ASKED QUESTIONS
Know more about Reverse Mortgage
A reverse mortgage is an excellent financial choice but definitely not ideal for every homeowner. The option is advisable if you meet the age requirement, don’t have any plan to move from your home for the foreseeable future, and need money to pay for healthcare expenses or supplement your retirement income.
While it is an expensive financial choice, it lets you keep your home while accessing cash without having to pay a monthly mortgage.
Mobile homes generally do not qualify for a reverse mortgage loan. But your home might qualify if it is HUD-approved and satisfies the requirements of the FHA.
To attest that your home meets the Federal Manufactured Home Construction and Safety Standards, you are required to have a HUD seal pasted on the outside of your home. Giraffe experts are always glad to help if you need to determine the eligibility of your home.
Typically, a reverse mortgage takes about 21 to 30 days to close. However, this time frame is the ideal situation, as the exact close-cycle may vary depending on certain factors.
First, you must complete the mandatory HUD counseling and return a duly completed and signed application. Then there is the appraisal period to consider. This can take up to a few weeks, depending on your location.
Giraffe can help walk you through the application process, and possibly speed things up.
If you were married to your partner when he or she took out a reverse mortgage loan, you have the right to continue to live in the home after your partner dies. The law protects the surviving spouse, regardless of whether they are listed on the loan.
However, you have up to 90 days to establish your legal right to live in the home by providing a marriage certificate, court order, death certificate, or a combination of other documents required by the lender.
Also, you must continue to fulfill all the requirements for the reverse mortgage, including paying property insurance and taxes, as well as keeping the home in good living condition. Lastly, you must not live outside the home for more than one year.
If you were not married to the borrower when they took out the loan, your rights may be limited to that of an heir to the deceased.
- Lump-sum
- Monthly installments for as long as you live or a specified period
- Line of credit
- A combination of all the options
Reverse mortgage payments are not considered income. Instead, they are loan proceeds, meaning they are not taxable.
The lender pays you the loan proceeds as a line of credit, a monthly advance, or pays everything at once. Also, since the interest on your mortgage is added to the loan balance, you can’t deduct it from your taxable income.
An increase in the value of your home means higher equity. If you already took out a reverse mortgage before the home gained more value, you can refinance to access more of the equity on your home if the increased value is substantial.
If you prefer not to refinance, your heirs will have more funds left after you pass away or when you choose to move out of the home and the property is sold to repay the loan.
No. Loan proceeds from a reverse mortgage are not income and do not affect Medicare, Social Security, or your pension benefits.
On the contrary, taking out a reverse mortgage will likely remove the need to immediately access your Social Security. In turn, you will be eligible to receive more benefits.
Keep in mind, though, that the payment from a reverse mortgage loan increases your monthly cash flow, which can impact Medicaid and other need-based benefits.
GET YOUR FREE REVERSE MORTGAGE QUOTE
Take the first step
towards the retirement you want
Find out how much you can receive with a reverse mortgage by completing the form below.