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What is a Reverse Mortgage?

The Federal Government recognized that senior homeowners can’t live on Social Security alone. So the FHA developed a program that allows Islip area homeowners over the age of 62 to turn their home equity into tax-free cash.

 A Federally Insured Reverse Mortgage will allow you to remain in the comfort of your own Islip home and live the life style you deserve. Best of all; there are no monthly payments.
 

Why Are So Many Seniors In The Town Of Islip
Choosing A Reverse Mortgage?

Today a record number of seniors are using reverse mortgages to supplement their retirement income.  It may sound to good to be true but it’s a fact. Reverse Mortgages are helping seniors across the country live the life style they worked their entire lives for. 

A Reverse Mortgage is the safest way to turn your equity into tax-free cash so you can enjoy your golden years with out the stress of monthly expenses.
 

Some Of The Most Commonly
Asked Questions...
 

Will I still own my home in Islip?

Yes. You will retain 100% ownership of your home; the bank never goes on title. You can payoff the Reverse Mortgage at any time or sell the house with no penalties.

Will my heirs be able to benefit? 

Yes. When your heirs inherit the home they have up to 1 year to decide if they want to keep the home or sell it. There’s usually a substantial amount of equity left to your heirs.

How do I qualify for a Reverse Mortgage? 

Qualification is based on your age, home value, location and equity held in your primary residence – not your income ,credit, savings, or assets.

Will I have monthly payments? 

No. You can live in your home indefinitely and never make a payment.

How will I receive the money?

You can receive a lump sum, a monthly income, a credit line that will grow tax-free year after year or a combination of the above.

“There’s no “catch?”

A Government-insured Reverse Mortgages allows homeowner’s age 62 and older to convert the equity locked in their homes Into tax-free cash, without any monthly payments. The money is available to you at any time for any reason.