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Consult your tax advisor. Consult appropriate Government Agencies. CA Department of Real Estate Broker License 00350120

A reverse mortgage is a loan that enables a senior
homeowner to convert their home equity into cash, monthly
payments, a credit line or any combination of these options,
completely at the direction of the homeowner.

This government sponsored and guaranteed program is for
homeowners that are 62+, own their home and have sufficient
equity. There are no health, income, credit requirements or
maximum age restrictions.

This program pays off any existing mortgage, so there is never
a monthly payment again, and all charges generated at
inception are rolled into the loan, so there is no out-of-pocket
expense for initiating a reverse mortgage except for paying for
the original appraisal. No monthly payments, ever.

There are no taxes paid on this money, because it is yours to
begin with. Also, title for the home stays in the name of the
owner and there is never any revenue sharing or appreciation
sharing. Again, you retain title.

A reverse mortgage can be used on a single family home, a
condo or townhome, on 1-4 unit homes and on PUD’s. Mobile
homes can be funded if they are on land owned by the
homeowner.

Reverse mortgages are guaranteed by HUD for as long as the
homeowner(s) continue to live in the home. If you move out for
longer than one year they will be called. HUD insists that
homeowners take a short counseling session, from a HUD
approved independent counselor, assuring that the
homeowner receives impartial information from an
independent source.