Retire in Style
with a Reverse
Mortgage

Homeowners over 62:

Turn a portion of you home`s
equity into a source of income!

IS A REVERSE MORTGAGE RIGHT FOR YOU?

The Home Equity Conversion Mortgage (HECM) loan is the longest running and most common reverse mortgage insured through the Federal Housing Administration (FHA). One unique feature of the HECM loan is the Mortgage Insurance Premium (MIP), which is required by and paid to the Department of Housing and Urban Development (HUD) to insure the mortgage against losses. HUD also guarantees your funds will be available if the lender or servicer can’t make payments.

We understand that your home is probably your largest asset, and deciding to use its equity through a reverse mortgage requires serious thought. While it may not be suitable for everyone, a reverse mortgage offers the opportunity to leverage the equity you have built up.

It’s important to note that there are upfront costs associated with a reverse mortgage, so if you do not intend to remain in your home long-term, alternative options may be worth considering. Given the unique circumstances of each senior, we recommend consulting with our Certified Reverse Mortgage Professional, Sue Milligan. With over 18 years of personal experience in the reverse industry, she’s provided financial relief to hundreds of seniors. With Sue’s background, paired with Eustis Mortgage’s 65 years in the mortgage industry, we’re confident that we can provide personalized guidance, address your concerns, and help determine the most suitable program to suit your needs.

REPAYMENT IS DUE WHEN:

All the borrowers no longer occupy the home as their primary residence for more than 12 consecutive months.
All the borrowers have passed away.
The borrowers have failed to fulfill obligations of property charges, which include real estate taxes, property insurance, ground rents, condo dues, PUD fees, homeowner association dues, and special assessments.
The borrowers lack the means to remedy disrepair.

ELIGIBILITY

Your eligibility for potential proceeds depends on various factors.

Borrower age (or the youngest borrower’s age, in the case of co-borrowers)
Appraised value of the home
Current expected interest rates
The amount of home equity

If you have enough equity in your home, you may qualify for a reverse mortgage. Basically, the older you are and the more equity in your home, the more money you can receive. Your home must be your primary residence.

ELIGIBLE PROPERTY TYPES (must be your primary residence)

Family homes
1-4 unit properties
Townhomes
FHA/ HUD-approved
condominiums
Some manufactured homes.

USE YOUR PROCEEDS FOR VIRTUALLY ANYTHING...

Here are a few smart options:

Supplement retirement income
Help with health care costs
Deter bankruptcy or stop foreclosure
Reduce monthly expenses by paying off an existing mortgage
Set funds aside for real estate taxes and property insurance
Keep an emergency line of credit
Defer collecting Social Security until the maximum age of 70.5
Purchase a new home
Remodeling to accommodate changing needs as you age

A reverse mortgage could be a good option for older homeowners looking to boost their retirement income, especially with the aging population and the financial demands they might face. It’s a widely favored mortgage option designed exclusively for homeowners aged 62 and above, offering them the opportunity to transform a portion of their home’s equity into a source of income. With a reverse mortgage, you won’t ever owe the lender more than your home is worth. When it’s time to repay the loan, you or your estate only need to pay back the lesser of what you owe or 95% of your home’s current appraised value.

Reverse mortgages can be a valuable supplement to your retirement income.

Consumer safeguards include mandatory counseling and lifetime caps on adjustable-rate programs.

A REVERSE MORTGAGE CAN MAKE A REMARKABLY POSITIVE IMPACT ON YOUR LIFE.

Remain on title as owner of record*
Access to funds that increase over time
You benefit from your home’s equity without selling
No monthly principal and interest mortgage payments required
Make necessary renovations so that older homeowners can age in place
Purchase a vacation home

*Homeowners must remain in and maintain the home and continue to pay insurance and property taxes. Failure to meet these obligations may result in the loan becoming due and payable.

THE CHERRY ON TOP: YOU DETERMINE HOW TO RECEIVE YOUR MONEY

A lump sum, all at once**
Fixed monthly payments for either a set term or for as long as you live in the home
A line of credit to draw proceeds from at any time
A combination of all the above

**May impact eligibility for Medicaid and Supplemental Security Income
Programs included on this document are subject to approval based on individual program guidelines and borrower’s income, credit, and underwriting approval. Contact our Eustis Mortgage Lending Manager for full program details.

This brochure has not been produced by HUD or FHA.

SUE MILLIGAN

Reverse Mortgage Lending Manager
Certified Reverse Mortgage Professional

1st CRMP in Louisiana
Only CRMP Residing in Mississippi

THE VALUE OF WORKING WITH A CERTIFIED MORTGAGE PROFESSIONAL

When it comes to reverse mortgages, working with a Certified Reverse Mortgage Professional (CRMP)-designated by the National Reverse Mortgage Lenders Association (NRMLA)-offers unmatched expertise and peace of mind:

Specialized training in reverse mortgage products and regulations
Ethical standards enforced by NRMLA to protect borrowers
Clear, honest guidance tailored to your financial goals
Up-to-date knowledge of federal and state compliance rules
Support for heirs and estate planning coordination
Trusted experience from a recognized industry expert

Retire in Style with a Reverse Mortgage