Reverse Mortgage
Reverse Mortgage
 
 
 
 
 
 
     
 

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What is a reverse mortgage?

Can I qualify for a reverse mortgage?

Does my home qualify?

What’s the difference between a reverse mortgage and a bank’s home equity loan?

Can the lender take my home away if I outlive the loan?

Will I still have an estate that I can leave to my heirs?

What About the Proprietary or “Jumbo” Reverse Mortgage ?

How much money can I get from my home?

How do I receive my payments?

What are the different types of reverse mortgages?

Will a reverse mortgage affect my benefits?

Who can I consult that is impartial?

Can my home be foreclosed?

Is the interest on reverse mortgages tax deductible?

My home is not paid off yet-can I still get a reverse mortgage?

If I get a reverse mortgage-does the bank own my home?

Will my children be responsible for the repayment of the reverse mortgage?

Are there any restrictions on a reverse mortgage that I should be aware of?

Are there any restrictions on how I use my reverse loan proceeds?

What if I change my mind?

Isn’t it selfish to get a reverse mortgage rather than leave my home equity to my children?

Can I sell my home and use a reverse mortgage to purchase a new home?

 
 

Common Questions and Answers

 
   
 
What is a reverse mortgage?
 
 
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. More and more extremely reputable lenders are now offering their own proprietary loans as well.

Reverse mortgages are becoming more and more popular every day. Last year, the number of reverse mortgages increased by 80%. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and can help maintain financial independence.
 
 
Can I qualify for a HUD Reverse Mortgage?
 
 
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, the youngest spouse must be 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. The proprietary reverse mortgage loans generally have identical qualifications and also include counseling requirements for your protection. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area. If you prefer, we can provide several approved counselors for you to consider.
 
   
 
Does My Home Qualify?
 
 
Eligible property types include single-family homes, 2-4 unit properties where you live in one of the units, condominiums, and townhouses. In general, co-ops are not allowed. Just recently proprietary lenders have established programs that permit reverse mortgages on second homes.
 
 

What’s the difference between a Reverse Mortgage and a bank Home Equity Loan?
 
 
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow, depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with an FHA-insured HUD Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment." Private lenders have introduced many more choices for Reverse Mortgages in addition to the traditional FHA mortgage. New programs include loans with no limits called “jumbo” reverse mortgages, and reverse mortgages on second homes.


 
 
Can the lender take my home away if I outlive the loan?
 
 
No! The lender can’t take your home even if you outlive your “life expectancy”. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value. If your home’s value goes down, the lender takes the loss. Your heirs or estate can never be responsible for amounts that exceed your home’s value. This is called a Non-recourse loan.
 
   
 
Will I still have an estate that I can leave to my heirs?
 
 
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by a reverse mortgage loan of any type. This debt will never be passed along to the estate or heirs. If you wish to ensure a certain amount that you will leave your heirs, you may want to investigate using some of your proceeds for a life insurance policy.
 
     
 
What About the Proprietary or “Jumbo” Reverse Mortgage ?
We offer several "jumbo" proprietary reverse mortgage products that have traditionally benefited homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits. There is a growing number of these programs available. This type of loan works well for many situations.

Many of these programs compare favorably with the federally insured Home Equity Conversion Mortgage by enabling homeowners living in properties valued over $450,000 to access greater amounts of equity.

All proprietary reverse mortgage products provide homeowners age 62 and older with the ability to convert their home equity into cash without having to sell their home or assume monthly payments. It should be noted that currently “jumbo” loans require the borrower to either take a credit line for the eligible amount or receive the full amount in a lump sum.

In the near future, many more types of proprietary loans will be available due to the tremendous growth and popularity of reverse mortgages and the resulting competition among lenders. It is anticipated that they will be available for homes falling in the FHA price range, ie under the $362,700 maximum, and will be less expensive than FHA loans in that the 2% insurance premium will not be necessary. Be sure to ask us about any new proprietary loans that have become available.

 
 
How much money can I get from my home?
 
 
The amount of money you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the appraised value of your home, current interest rates, and where you live. In general, the older you are, the more valuable your home, and the less you owe on it, the more money you can get. To get an idea of what you qualify for on a monthly basis, we recommend you use the Calculator link on the left side of the home page, or you may contact us at any time. You should also be aware that there is often a difference between the initial interest rate of the loan and the anticipated interest rate. The anticipated interest rate is utilized by the lender to determine the amount you may borrow. The initial interest rate, however, is applied to the initial amount borrowed, and unless the loan has a fixed rate, will be adjusted from time to time, according to the terms of the loan.
 
 
How do I receive my payments?
 
  You have several options:
 
 
  • Equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • A Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted. Depending on the terms of your loan, the unused line of credit available will increase about 4% annually.
  • A combination of line of credit with monthly payments for as long as the borrower remains in the home.
  • A lump sum payment for the entire amount.
  • A combination of monthly payments, credit line, and lump sum.
 
  Currently, jumbo loans are only offered in a Line of Credit similar to a standard equity loan or in a lump sum. In every case, however, you have no monthly payments.

You should be aware that the lenders are assessed a penalty if they do not pay you within 5 days of your request.
 
   
 
What are the different types of Reverse Mortgages?
 
 
The three basic types of reverse mortgage are; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs) and are backed by the U. S. Department of Housing and Urban Development (HUD); The Home Keeper which is sponsored by Fannie Mae, and proprietary reverse mortgages, which are private loans that are backed by the companies that develop them. HECMs and proprietary reverse mortgages tend to be more costly than other home loans. The up-front costs can be high, so they are generally most expensive if you stay in your home for just a short time. They are widely available, have no income or medical requirements, and can be used for any purpose.

HECMs generally provide larger loan advances at a lower total cost compared with proprietary loans. But owners of higher-valued homes may get bigger loan advances from a proprietary reverse mortgage. That is, if you have a higher appraised value without a large mortgage, then you may likely qualify for greater funds. Location (for example, your neighborhood) is only one part of the determination of appraised value. More and more proprietary reverse mortgages are being introduced into the market all the time. It is likely that competition will result in better terms for the borrowers.
 
   
 
More About the HECM Mortgage
 
 
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage product, accounting for 90-plus percent of the total market. They have been available since 1989.

The amount of available proceeds you can qualify for under the HECM program depends on your age, appraised home value, and current interest rates. The older you are, and the more valuable your home (and the less you owe on your home), the more funds you qualify for.

Another factor is your home's location. The size of a HECM depends on the maximum loan limit, which varies by county. Currently (for 2006), the FHA loan limits vary from $200,160 (used predominantly in rural areas) to $362,790 (used in urban areas).

Normally, the size of a HECM depends on the appraised value of your home. But if your home's value exceeds the FHA lending limit, the amount of money you are eligible to receive will be calculated as if the value of the home is the area limit. Practically speaking, if your home is worth $600,000, but the county lending limit is $362,790 (current maximum limit), then the loan amount will be based on $362,790.

As part of the upfront closing costs, you pay a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount (the value of the home or FHA county lending limit, whichever number is less), plus an annual premium thereafter equal to 0.5 percent of the loan amount. As an example, if you own a home worth $275,000 in a county where the lending limit is $225,000, then the upfront MIP will equal $4,500 ($225,000 multiplied by 0.02).

The insurance premium guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid.

With the HECM program, HUD limits the fee that a lender can earn to 2 percent of the maximum claim amount (again, this number is equal to the value of the home or FHA county lending limit, whichever is less). Depending on where you live, the lender will earn anywhere from $4,003 to $7,256, which is comparable (perhaps even less) to what you would pay a lender to purchase a home in today's market.

One last comment. The ongoing interest rate that you pay on a HECM is the same no matter which lender you choose. That's because the rate is based on the 1-year U.S. Treasury bond, plus a margin. The interest rate is a variable rate that can change either monthly or annually, based on your decision. A majority of people choose the monthly adjusting option because you get more money, but it's important that you seek advice from your lender as well.

 
   
 
More About The Home Keeper Mortgage
 
 
In 1996, Fannie Mae developed its own proprietary Home Keeper® reverse mortgage as a conventional market alternative to the HECM. The Home Keeper was developed to address unmet needs that could not be served by the HECM program, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home.

Fannie Mae is not a lender. With Fannie Mae's permission, lenders can offer the Home Keeper product to consumers, like yourself.

The Home Keeper is available in every state to homeowners 62 years of age and older. Eligible property types include owner-occupied single-family homes, condominium units, and units in qualified planned unit developments. Properties held in trust and qualified leasehold properties are also eligible. Cooperative units, however, are not an eligible property type for Home Keeper.

The interest rate charged on a Home Keeper reverse mortgage adjusts monthly and is equal to a fixed spread above an index rate – the current weekly average of the one-month secondary market CD rate, which is published by the Federal Reserve. The rate may never rise by more than 12 percentage points above the initial rate; there is no cap on a monthly adjustment other than the lifetime cap.

One interesting feature of the Home Keeper is that you can use the program to purchase a new home – all in a single transaction. The transaction reduces the out-of-pocket cash needed to buy a new home, eliminates any new monthly mortgage payment, and helps you keep more of the sales proceeds from the old house – or a larger amount of savings – to use for other purposes.
 
   
 
More About the Proprietary or “Jumbo” Reverse Mortgage
 
 
We offer several "jumbo" proprietary reverse mortgage products that have traditionally benefited homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits. There is a growing number of these programs available. This type of loan works well for many situations.

Many of these programs compare favorably with the federally insured Home Equity Conversion Mortgage by enabling homeowners living in properties valued between $450,000 and $750,000 to access greater amounts of equity.

All proprietary reverse mortgage products provide homeowners age 62 and older with the ability to convert their home equity into cash without having to sell their home or assume monthly payments. It should be noted that currently “jumbo” loans require the borrower to either take a credit line for the eligible amount or receive the full amount in a lump sum.

In the near future, many more types of proprietary loans will be available due to the tremendous growth and popularity of reverse mortgages and the resulting competition among lenders. It is anticipated that they will be available for homes falling in the FHA price range, ie under the $362,700 maximum, and will be less expensive than FHA loans in that the 2% insurance premium will not be necessary. Be sure to ask us about any new proprietary loans that have become available.
 
 
Will a Reverse Mortgage Affect my Benefits?
 
 
A reverse mortgage does not affect your Social Security, Medicare, or pension benefits. However, “need based” public benefits such as SSDI and Medicaid can be a different story. It is generally possible to structure the loan in a way that your benefits remain intact. It is an important question to ask your loan originator. In addition, before the loan is issued, you will meet briefly with an unbiased, government approved counselor. It is also wise to consult an elder law attorney with these questions. The appropriate government agencies can also be helpful.
 
   
 
Who can I consult that is Impartial?
 
 
Before getting a reverse mortgage, you will first have to meet with an independent reverse mortgage counselor at no cost to you. Your counselor will answer any questions you have, inform you about other alternative options for your unique situation, and help you decide if you even need a reverse mortgage, and if so, which type would be the best fit for you and your needs.

You may also choose to contact the following organizations:
U.S. Department of Housing and Urban
Development (HUD): toll free
(888) 466-3487.

Federal Trade Commission (FTC): write to obtain a free brochure, "Reverse Mortgages Fast Facts." Consumer Response Center, FTC
600 Pennsylvania Ave. N.W.
Washington, DC 20580
Or call, (202) FTC-HELP

American Association of Retired Persons (AARP): write to obtain a free guide on Reverse Mortgage borrowing:
Home Made Money
AARP Home Equity Information Center,
601 E. Street N.W.
Washington, DC 20049
Fannie Mae: Call (800) 732-6643 for a free guide, "Money from Home: A Consumers Guide to Reverse Mortgage Options."
 
   
 
What Are the Features of a Reverse Mortgage?
 
 
Reverse mortgage loan advances are not taxable, and do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.

As you consider a reverse mortgage, be aware that Lenders generally charge origination fees and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the term of the mortgage. If you are interested in a federally-insured HECM, know that all HECM lenders must follow HUD rules, and that many of the loan costs including the interest rate will be the same no matter which lender you select. Still, some costs including the origination fee, other closing costs, and servicing fees may vary among lenders. The amount you owe on a reverse mortgage generally grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases over time as loan funds are advanced to you and interest accrues on the loan.
 
 
What are the Interest Rates on Reverse Mortgages?
 
 
Reverse mortgages may have fixed or variable rates. Most have variable rates that are tied to a financial index and will likely change according to market conditions.

When a HECM loan is paid to the borrower in a monthly fixed amount, the interest rate is adjustable monthly. The initial interest rate is based on the one year Treasury Bill + a 1% margin (recently reduced from 1.5%), with a loan lifetime cap of 10%. If the loan adjusts annually, the initial interest rate is the weekly average of the 1 year Treasury Bill + a 3.10% margin. There is a 2% annual cap, and a 5% lifetime cap.

Since the interest rates of Reverse Mortgages are based on the relatively stable Treasury Bill, the average interest rate in last 25 years under either formulation is about 7%.
 
   
 
Can my home be Foreclosed?
 
 
Because there are no payments, you can’t lose your home if you pay the taxes and insurance, and maintain your home. A “nonrecourse” clause, found in most reverse mortgages, prevents either you or your estate from owing more than the value of your home when the loan is repaid.
 
 
Is the Interest on reverse mortgages Tax Deductible?
 
 
Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or completely.
 
 
What are the Costs of a Reverse mortgage?
 
 
Many of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home Equity Conversion Mortgage or HECM), an appraisal fee, and certain other standard closing costs.

In most cases, these fees and costs are capped and may be financed as part of the reverse mortgage. Below is a more in-depth explanation of each type of fee.
Origination Fee

The origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage.

Under the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or 2 percent of the maximum claim amount (i.e., county FHA loan limit). Currently, the FHA loan limit varies from a low of $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Therefore, the 2 percent origination fee generally ranges between $4,003 (2 percent of $200,160) and $7,256 (2 percent of $362,790).

With proprietary loans, borrowers are charged an origination fee that may not exceed 2 percent of the value of the home. With either product, the entire amount of the origination fee may be financed as part of the mortgage.

Mortgage Insurance Premium
Under the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.

The MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid.

Appraisal Fee
An appraiser is responsible for assigning a current market value to your home. Appraisal fees generally range between $300-$400.

In addition to placing a value on the home, an appraiser must also make sure there are no major structural defects, such as a bad foundation, leaky roof, or termite damage. Federal regulations mandate that your home be structurally sound, and comply with all home safety codes, in order for the reverse mortgage to be made.

If the appraiser uncovers property defects, you must hire a contractor to complete the repairs. Once the repairs are completed, the same appraiser is paid for a second visit to make sure the repairs have been completed. The cost of the repairs may be financed in the loan and completed after the reverse mortgage is made. Appraisers generally charge $50-$75 dollars for the follow-up examination.

Closing Costs
Other closing costs that are commonly charged to a reverse mortgage borrower, include:

 
   
 
  • Credit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20.
  • Flood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20.
  • Escrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450.
  • Document preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150.
  • Recording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100.
  • Courier fee. Covers the cost of any overnight mailing of documents between the lender and the title company or loan investor. Cost: Generally under $50.
  • Title insurance. Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against any loss arising from disputes over ownership of a property. Varies by size of the loan, though in general, the larger the loan amount, the higher the cost of the title insurance.
  • Pest Inspection. Determines whether the home is infested with any wood-destroying organisms, such as termites. Cost: Generally under $100
  • Survey. Determines the official boundaries of the property. It's typically ordered to make sure that any adjoining property has not inadvertently encroached on the reverse mortgage borrower's property. Cost: Generally under $250
 
 
Service Fee Set-Aside
The service fee set-aside is an amount of money deducted from the available loan proceeds at closing to cover the projected costs of servicing your account.

Federal regulations allow the loan servicer (which may or may not be the same company as the originating lender) to charge a monthly fee that ranges between $30-$35. The amount of money set-aside is largely determined by the borrower's age and life expectancy.

 
 

All of the closing costs, with the exception of the appraisal, can be paid from your loan proceeds.
 
   
 
My house is not paid off yet - can I still get a reverse mortgage?
 
 
Absolutely - as long as your equity is greater than the amount you still owe. You can either pay off the old debt before you get a reverse mortgage, or you can use the initial proceeds from the reverse mortgage to pay the debt.
 
 
If I get a reverse mortgage - does the bank own my home?
 
 
Absolutely not. With a reverse mortgage - you still own your home. Of course, that means you must continue to pay your property taxes, make necessary repairs to the home, and keep home-owner's insurance.
 
 
Will my children be responsible for repayment of the reverse mortgage?
 
 
No. A reverse mortgage is what is called a non-recourse loan. This means the bank can never come after any person or estate for repayment of the loan. The bank can only use the value of the home as repayment. Your children may, however, either sell your home or take out a new mortgage, after you leave your home, in order to receive the equity still in the home. Most Reverse Loans typically allow your heirs six months to a year to pay off the Reverse Mortgage through a sale or re-mortgage.
 
 
Are there any restrictions I should be aware of?
 
  During your loan period, there may be restrictions for:  
 
  • Renting out your home
  • Adding new owners to the home's title
  • Changing your home's zoning classification
  • Taking out new debt against your home, or
  • Filing for bankruptcy
 
   
  Are there any restrictions on how I use my reverse loan proceeds?  
 
There are no restrictions on how your proceeds are used. Medical care, property taxes, condominium assessments, home repairs, help with a grandchild’s college costs, or just to improve your quality of life are just some of the ways you may use your money.
 
 
What if I change my mind?
 
  Relax - even after you close your reverse mortgage, you still have a chance to reconsider. Should you decide for any reason that you no longer want the loan, you have three days to cancel.  
 
Isn't it selfish to get a reverse mortgage rather than leave my home equity to my children?
 
 
Some potential reverse mortgage candidates are concerned they will have less home equity to leave their heirs – until they actually speak with their heirs. Many adult children want to see their parents living comfortably and enjoying their retirement rather than struggling just to leave something behind when they die. Besides, a reverse mortgage can actually grant seniors the freedom to help their children and grandchildren with expenses while they are still alive and to see them enjoy it. And don't forget: your heirs will still receive the remaining equity after the loan is repaid. Some people even use some of their Reverse Mortgage proceeds to purchase a life insurance policy to insure that their heirs will receive a fixed amount in addition to the remaining home equity.
 
   
 

Can I sell my home and use a reverse mortgage to purchase a new home?
 
 
One interesting feature of the some newer reverse mortgages that are available is that you can use the program to purchase a new home – all in a single transaction. The transaction reduces the out-of-pocket cash needed to buy a new home, eliminates any new monthly mortgage payment, and helps you keep more of the sales proceeds from the old house – or a larger amount of savings – to use for other purposes.

For example, let’s say a 75-year-old woman sells her home in Pennsylvania for a $100,000 profit and wants to buy a new home in Florida costing $150,000. To avoid a mortgage payment on the new house, she would need to pay $50,000 in cash. This means she would have to use the entire $100,000 from the sale of her first home, plus another $50,000 from her savings. If she doesn’t have the $50,000, she couldn’t buy the new house, unless she qualifies for a new home mortgage, which might be difficult and which in any event would require making monthly mortgage payments again.

Alternatively, the woman could qualify for about a $100,000 reverse mortgage, purchase the new home outright, or nearly so, using money from the reverse mortgage, plus the $50,000 of the profit on her Pennsylvania home. She would be in her new home with no monthly payments and approximately $50,000 in her savings account.

This type of reverse mortgage might be used, for instance, by older homeowners, who want to sell their old home and move closer to their children, to a warmer climate, or move into a home that provides greater accessibility or easier maintenance.
 
 
Aren’t reverse mortgages much more costly than other mortgages?
 
 
Not at all. The truth is that closing costs average only about 1% more than that of a regular FHA mortgage on the same property. If you compared the reverse mortgage to many other conventional mortgages, the reverse mortgage could actually be lower in cost due to the fact that conventional mortgages can charge more than the 2% origination fee allowed on all reverse mortgages.

The cost of a reverse mortgage compares to the average cost of selling your home. When you consider the cost of then purchasing a new home, it’s not even comparable.

Additionally, if a reverse mortgage allows you to stay in your home with no monthly payments for even five years, instead of going into an assisted living facility or nursing home, it more than pays for itself.
 
   
Reverse Mortgage
www.thereversemortgagelendingcenter.com
561-289-3800