• Helping seniors nationwide
  • Licensed in 42 states
  • Conventional mortgage specialist also available
  • Cash available to you within 2-4 weeks
  • Facing foreclosure?
    Learn how a reverse mortgage can save your home!

National Association of Mortgage Bankers

National Reverse Mortgage Lenders Association

Reverse Mortgage Company
Equity rich? Cash poor? See how a Reverse Mortgage can help!

The Reverse Mortgage: The Basics

A Reverse Mortgage is a unique loan against the equity you have in yourhome that you do not have to pay back as long as you live there. With a Reverse Mortgage, you can turn the value of your home into cash without ever having to move or make monthly payments.

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income or pay for healthcare expenses, many older Americans are turning to Reverse Mortgages. Reverse Mortgages can help owners who are equity-rich but cash-poor to stay in their homes and still meet their financial obligations. AARP revealed that 85% of seniors want to remain in their homes and a Reverse Mortgage can help make this possible.

Reverse Mortgages pay you!The money you get from a Reverse Mortgage can be paid to you in several ways:

  • all at once, in a single lump sum
  • in regular monthly payments
  • “credit line” account that lets you decide when and how much is paid to you; or
  • as a combination of these payment options

No matter how this loan is paid out to you, you do not have to pay anything back until the last surviving borrower passes away; you sell your home, or permanently move out of your home.

With other types of loans, the lender checks your income to see how much you can afford, but with a Reverse Mortgage there are no monthly payments. You do not need a minimum amount of income to qualify; however you must have equity in your home and you must be 62 years of age or older.

Reverse MortgageYou may use the money from a Reverse Mortgage in any way you wish. Sixty-seven percent (67%) of seniors have used the funds for hospital/health care costs and fifty-five percent (55%) have used the funds to pay off existing mortgages.

There are many choices for seniors when considering a Reverse Mortgage. At Jacob Dean Mortgage we have professionally trained Reverse Mortgage specialists who can provide you with a comprehensive computer generated analysis to determine what you may be qualified for. Loan proceeds available to the borrower are based on three main factors:

  • The age of the homeowner(s)
  • The value and location of the home
  • The current interest rates

Reverse Mortgage loan proceeds are not taxable, and do not affect Social Security or Medicare benefits.