Reverse Mortgage benefits are calculated using a combination of your attained age, your statistical life expectancy, the value of your property and a projected interest rate. A 4.0% annual property value Appreciation rates is also part of the calculation. The older a person is the greater the benefit available will be.

Benefits are available in a number of ways:

 1. Guaranteed Monthly Income.

 2. A line of Credit.

 3. A lump sum disbursement.

 4. A combination of the above.

 5. Monthly income in an amount you specify.

Duration of Benefits:  A Reverse Mortgage  is guaranteed for the life of the applicants. No repayment is required for as long as the Beneficiary lives and occupies the property as a primary residence. Guaranteed monthly income continues until the death of the recipient. Benefits under the HUD/FHA plan are guaranteed by the Federal Government.

Title to your property stays in your name. Any equity remaining belongs to  the senior or the seniors estate.  The property may be sold at any time. Should the senior owe more then the properties value the estate has the option of  ceding the property to the lender in full satisfaction of the Reverse Mortgage. This is the "Non-recouse" feature of the Reverse Mortgage Contract.

Occupancy:  Reverse Mortgages require the property to be the "primary residence" of the beneficiary. Waht does that really mean? If you think the property is your primary residence then it is. The property can not be rented to an unrelated 3rd party. A few weeks a year in residence will do it in most cases.

Many people have 2nd homes and spend a good portion of the year living in them. That is not a violation of the Reverse Mortgage contract. In fact, we have known cases where one spouse obtained a Reverse Mortgage on one property and the other spouse obtained one on the other.

Get A Quote:

Call 800-481-9999 ext 118 or e-mail the following information:

1. Month & Year of Birth  (Both for couples)

2. Approximate Value of your property.

3. Your zip code.

4. Approximate amount of existing mortgages.

Email to: ken@ampy.com

Call 800-481-9999 ext 118 or 119

Ask for Ken Terrill when you call.

You can expect a response to e-mailed requests in a few hours.