A Reverse Mortgage Loan

What is a Reverse Mortgage? – A Reverse Mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the borrower(s) permanently leave(s) the home.

A few of the most significant advantages of a Reverse Mortgage are as follows:

• Remain independent - A Reverse Mortgage allows you to remain in your home and retain home ownership.

• Stay in your home - It allows you to remain in your home and retain home ownership.

• No monthly mortgage payments - You do not need to pay back the Reverse Mortgage or make any monthly mortgage payments until you permanently move out of the home.

• Tax-free money - Because the money you receive from a Reverse Mortgage is not considered income, it is tax-free* and will not affect your Social Security or Medicare benefits.

• Flexibility - The money you get from a Reverse Mortgage is yours to use in any way you choose.

The Reverse Mortgage Program offered through Fidelity Savings is a Federally-insured Reverse Mortgage known as Home Equity Conversion Mortgages (HECM). Reverse Mortgages are insured by the U.S. Department of Housing and Urban Development (HUD) and are widely available, have no income requirements, and can be used for any purpose.

The amount you can borrow depends on several factors, including your age, the type of Reverse Mortgage you select, current interest rates, the location of your home and the appraised value of your home and FHA's lending limits for your area. In most cases, the older you are, the more valuable your home, and the less you owe on it, will determine the most money you can get. Reverse Mortgage Calculator – What Loan Amount Do I Qualify For?

A potential borrower, before taking a Reverse Mortgage, will meet with an unbiased counselor before completing a Reverse Mortgage application. The Reverse Mortgage Program offered through Fidelity Savings HECM “Advisor” program contains a federally mandated feature of the Reverse Mortgage process and is designed for your protection. The counselor, who is from an independent government-approved housing counseling agency, will explain in detail the pros and cons of all your Reverse Mortgage alternatives. He or she will also discuss the Reverse Mortgage’s costs and financial implications.

To find out more about Fidelity Savings HECM “Advisor” program call us at (215)788-0448 for personal service and speak with our qualified Reverse Mortgage counselor or, use our Secure Contact Us Form. and we'll get back to you quickly with the answer you need.

* Consult Your Tax Advisor