What is a Reverse Mortgage?
+ Enables homeowners age 62 and older to convert their home equity into income without having to sell the home or give up title. A Reverse Mortgage enables eligible homeowners to access a portion of the money that has been built up as equity in their homes. Reverse Mortgages are designed to strengthen a senior’s personal and financial independence by providing access to funds without the burden of a monthly mortgage payment for as long as they live in their home. Most Reverse Mortgage loans originated today are insured and backed by the federal government through FHA (Federal Housing Administration).
+ No required monthly mortgage payments to make while still living in your home.
+ Loans proceeds are tax-free and may be tax-deductible upon loan repayment*
+ Reverse mortgages are commonly used to payoff existing mortgages,eliminating the monthly principal and
interest payments. Taxes and insurance still must be paid.
+ A reverse mortgage is repaid when the last surviving senior moves out of the home, through death,selling of
home, moving to a nursing home,non-payment of taxes and insurance, or failure to upkeep the home.
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About MSI
Mortgage Services III's Reverse Mortgage Specialists are here to work for your best interests! Contact us today to see if a Reverse Mortgage is right for you! MSI is headquartered in Bloomington, IL with multiple offices in the Metro Chicago area. 