Can You Say This?
Now my house takes care of me!
It feels so good to know your future is secure.
We can stay in our home and enjoy life!

"I've heard lots of stories about seniors whose lives have truly been changed by reverse mortgages.  Brown Lending Group can give you the facts you need to make a smart decision about whether a reverse mortgage is right for you."

For homeowners aged 62 and older, reverse mortgages provide a safe way to tap into home equity to pay for what you want or need-without giving up your home.  Seniors can now enjoy the benefits of this important financial tool.

How The Process Works
Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender. Here are the steps you can expect to go through when you apply for your reverse mortgage with Brown Lending Group:

Initial Discussion
The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you.  We talk about the pros and cons, how it works, how much money you might receive and anything else you'd like to know about.  Then you decide whether you want to take the next step.

Counseling
If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion.  It's a protection device that the government has built into the process of obtaining a reverse mortgage.

Appraisal
Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.

Inspection
In many cases an inspection is required to make sure that the home is structurally sound and that there's no extensive termite or dry rot damage.

Underwriting
After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.

Closing
The final step is the closing where you receive the money, or proceeds, from your reverse mortgage.  You can choose to receive the payment in one of three ways:  as a lump sum, as a monthly payment or as a line of credit.

Then it's up to you:
pay bills, fix up the house, help a family member,
or use the money to enjoy your life.

How You Can Use the Money You Receive
The money you get from a reverse mortgage is actually money you already had, money that was in a sense sitting unused in your home.  If you think of it that way, it's easy to understand why you can use the money you get for almost anything.  Here are some of the most popular uses for reverse mortgages:

Pay off existing debts, anything from credit cards to home equity line of credit to car loans.  Please review all loan agreements.

Paying off an existing mortgage.  You can use the money to pay off your first mortgage and completely eliminate the need to make monthly mortgage payments, giving you more disposable income each month.

Adding to your monthly income.  You can take the money from a reverse mortgage as a monthly payment to supplement your existing income, or you may choose a line of credit or a lump sum.

Paying for home maintenance or repair.  Your home is probably your most valuable asset and you can use the money you get to maintain, or possibly increase its value.

Creating a cash reserve for emergencies.  Many people like the feeling of security they get from having a financial "custom."

Providing funds for long-term care insurance or other financial tools.  Freeing up cash with a reverse mortgage can help you afford components of a financial plan.

Helping family members or loved ones financially.  Pay for tuition or establish an education fund for grandkids, help a child buy a new house or just give gifts to the people you care about.  The choice is yours.

Being able to afford special things you've always wanted to do, such as travel or hobbies.  Don't let lack of money keep you from doing the things you've always dreamed of doing.

For the Families of Seniors
A reverse mortgage could be an ideal way for your parents to benefit from the wise investment they made in real estate perhaps decades ago.  If you are the son or daughter of a senior who is age 62 or older, you should understand the facts about reverse mortgages.

Get money without moving.
A reverse mortgage can help your parent(s) create a new source of tax-free* money without having to sell their home.  In fact, they can stay in the home they love for as long as they'd like.

Financial independence.
A reverse mortgage allows seniors to tap into money they've earned in the form of home equity, and avoid having to depend on relatives for financial assistance.

Keep title to the house.
Your parents retain full title to their home and have no risk of losing the home to the lender.  And no matter what happens to the housing market, your parents can never owe more than the value of their home when it is sold.

Proven safe.
Over 350,000 Americans have already benefited from reverse mortgages.  The fact is that HECM reverse mortgages are government-protected loans and many safeguards are in place to protect seniors from unethical lending practices.

Repayment options.
If your last-remaining parent passes away while living in the home, you, as the heir(s), simply pay off the reverse mortgage principal plus accrued interest.  If you--or a sibling or other relative--want to keep the home in the family, you can take out a new traditional mortgage or use other assets to pay for it.  If no one in the family is interested in keeping the home, it can be sold to repay the loan.  Any money left over goes to the estate to be shared according to your parents' last wishes.

* Consult Tax Advisor

For the Advisors of Seniors
If you are a trusted advisor of a senior homeowner who is age 62 or older, there are several things you should know about reverse mortgages and how they can help seniors live more comfortably and securely.

A safe, proven choice.
A HECM reverse mortgage is a government-protected financial tool that has helped over 350,000 seniors enjoy better lives.  Many safeguards are built into the program to protect seniors from predatory lending practices.

The best of both worlds.
A reverse mortgage can be the right choice for senior homeowners who need additional income without having to sell their homes to raise cash.  With a reverse mortgage, the homeowner can get a monthly payment, a line of credit or a lump sum distribution without having to move or give up title to the home.

Ideal liquidity tool.
A reverse mortgage is an ideal way to create liquidity from a real estate asset.  This liquidity can enable seniors to pay bills, make home repairs, retire an existing mortgage, or to purchase such health-related services as long-term care insurance.

Tax-free* money.
Since a reverse mortgage taps into existing home equity, the proceeds are not taxed as income.

* Consult Tax Advisor

Industry Reverse Mortgage Articles
You have worked so hard to build your wealth in your home.  It is important that you make an informed decision whether a reverse mortgage is right for you.  Below are links to reverse mortgage research articles from governmental agencies and senior organizations.

US Department of Housing and urban Development (HUD)
Reverse Mortgages – Top Ten Things to Know
This article by HUD answers some of the most common questions and misgivings about reverse mortgages.

National Reverse Mortgage Lender's Association (NRMLA)
Steps to Getting a Reverse Mortgage
NRMLA has created a graphical representation of the steps involved in getting a Reverse Mortgage.  It is very helpful in understanding the Reverse Mortgage process.

National Council on Aging (NCOA)
Use Your Home to Stay at Home: A Guide for Homeowners Who Needs Help Now
This booklet is an educational piece developed as part of NCOA's Use Your Home to Stay at Home Initiative.  It helps you decide if a reverse mortgage is right for you.  It explains how home equity can help you pay the costs of living at home with a chronic health condition.

National Council on Aging (NCOA)
Use Your Home to Stay at Home: A Planning Guide to Older Consumers 
This booklet is helpful if you are planning to live at home as you grow older.  It shares some pros and cons of using a reverse mortgage in your retirement plans and dispel common myths about reverse mortgages.

Web Resources
Senior Links

NMRLA
The National Reverse Mortgage Lenders Association (NRMLA) is the nation's only organization devoted exclusively to the promotion of reverse mortgages, advocacy on reverse mortgage lending issues with Congress and the federal government, education and training for reverse mortgage lenders, and development and maintenance of ethical standards for reverse mortgage lenders.

AARP
AARP is a nonprofit, nonpartisan membership organization for people 50 and over.  They provide information and resources; advocate on legislative, consumer, and legal issues; assist members to serve their communities; and offer a wide range of unique benefits, special products, and services.

Fannie Mae
As the leader of the housing finance system, Fannie Mae is working to expand homeownership opportunities by creating products and technologies that help more people own homes.

HUD
U.S. Department of Housing and Urban Development

Senior Resource
Dedicated to helping seniors and their families with accurate and up-to-date information on senior housing options, finance, insurance and related lifestyle issues.

How Much Money Do You Qualify For?
Use our Reverse Mortgage Calculator (BELOW) to see available reverse
mortgage options and get an estimate on how much money you may qualify for.
Call a Reverse Mortgage Specialist at (561) 723-4182
or click the bear for other contact methods: