Allwest Mortgage

The reverse mortgage is a loan on your home. You never give ownership to the lender in order to get a reverse!

Absolutely NOT. When the last surviving spouse/borrower passes away, the loan becomes due. Your heirs can either refinance or sell the house to pay off the existing mortgage (as you would do with any mortgage on the property). The heirs retain the difference between what is owed and what the property is worth.

Full or partial repayment is allowed on the FHA reverse mortgage loans.

You are required to pay your property taxes, keep your homeowners insurance in force and maintain the home in good repair.

The proceeds from a reverse mortgage do not affect these benefits. We recommend that you consult your financial adviser for further information.

No. The cash you take is a loan distribution and is not considered taxable income. For your specific situation, we recommend that you consult your tax adviser

Yes, subject to review and approval of the trust documents. The property remains in the trust.

No restrictions of any kind. It’s your money to use any way you want.

Yes, but there must be enough equity. The existing loan must get paid off – this is usually done with the loan proceeds from the reverse mortgage.

Single family homes,condominiums, townhomes, PUDs and 1-4 unit owner occupied homes are eligible. Manufactured homes built after 1977 are eligible if they are on permanent foundations and are taxed as real estate.

A reverse mortgage is a special type of home loan which allows the homeowner to use the equity of his or her home and convert it into cash. No repayment is required until the borrower no longer lives in the home as their principal residence. The most popular reverse mortgage on the market today is the FHA HECM (Home Equity Conversion Mortgage) which is federally insured by the government.

They are designed for seniors who want to maintain their financial independence, people who may be “house rich” but need or want money for any reason: Home maintenance or improvement. Health care costs. Nursing or companion care to help seniors remain in the home. Consolidate bills. Help family with education costs, to buy a home, treat family to a vacation. Purchase investment property. Buy insurance products such as long term care insurance. Purchase a home. Save home from foreclosure or other emergency needs. Purchase a new car. Take a dream vacation. Have money available at any time without having to ask family for financial help.