Can I qualify for a
Reverse Mortgage?
Generally speaking to
qualify for a reverse mortgage, you need to be 62 years old or older and
live in your home as a principle residence. For more detail on
eligibility please see our Reverse Mortgage
Eligibility page.
Upon
qualification, how much money will I get?
The amount of money you can
receive from Homestar Direct on a Reverse Mortgage loan depends a few
factors including:
How can I choose to
receive my money?
You have some wonderful
flexibility when it comes to how you can choose to receive your home equity.
You can elect to receive it as a lump sum payment, as a fixed monthly
payment for as long as you live in your house or for a term you choose, or
you can choose to open a credit line that you can draw against whenever you
need cash.
If you would like to choose a combination of these payout options, you can
do that as well. For example, if you were eligible for a $180,000
reverse mortgage, you could take $80,000 in a lump sum payment when the loan
closes and open a $100,000 line of credit. Best of all, as with all
the options, you never have to make any loan payments until you permanently
leave your home.
Will
getting a reverse mortgage affect my Medicare benefits? Social
Security?
In most cases, a reverse
mortgage will not affect Social Security or Medicare benefits. A
reverse mortgage sometimes has an impact on Medicaid eligibility. In
all cases, you should consult with a Senior Lifestyle Funding loan officer and a
trusted financial advisor.
Who
owns my home after I get a reverse mortgage?
In EVERY instance of a
reverse mortgage loan, you retain title to your home.
Will
the Bank sell my home once the reverse mortgage comes due?
The short answer is "NO".
When your loan comes due, you or your heirs have the option of paying the
balance due on the reverse mortgage (this is often done by taking out a
traditional mortgage), or sell the home to pay off the balance due.
What happens if at the end of my loan term, I owe
more to the bank than my home is worth?
Because a reverse mortgage is what's called a "non-recourse"
loan. If your home ends up being worth less than what is owed to the
bank, the bank settles your debt for what the home sells for. You Win!
You can never owe more than the sales price of your home.
I'm sure that a
reverse mortgage is what is right for me, do I really need to sit with a
counselor?
YES! Not only is it a
very good idea for you and any trusted advisors to sit down with an
independent counselor, it is a requirement. No lenders can complete a
reverse mortgage without you providing a certificate that indicates that you
have consulted with an approved counselor.
How do I find a counselor?
Call Senior Lifestyle
Funding today
and we will provide you with no less than three counselors that service your
area.
1-800-203-1140
Help
me 
