A reverse mortgage is a federally-insured loan designed specifically for homeowners 62 and older that allows you to access the equity you've built in your home without selling it or making monthly mortgage payments.

How It Works:

• Traditional mortgage: You make monthly payments to build equity over time

• Reverse mortgage: You receive payments from your built-up equity

• Your home remains yours - You keep the title and ownership

• No monthly mortgage payments required during your lifetime

• Loan is repaid only when you move, sell, or pass away

Government Protection & Oversight:

• FHA-insured through the Home Equity Conversion Mortgage (HECM) program

• Regulated by HUD with strict consumer protections

• Non-recourse loan - You or your heirs never owe more than the home's value

• Required counseling ensures you understand all options before proceedingWhat You Can Use the Money For:

• Eliminate existing mortgage payments

• Cover healthcare or long-term care expenses

• Home improvements and modifications for aging in place • Daily living expenses and bills

• Create a financial safety net for emergencies • Help family members with education or other needs

Your Responsibilities:

• Continue living in the home as your primary residence

• Pay property taxes and homeowners insurance • Maintain the home in good condition

• Meet with a HUD-approved counselor (we'll help you find one)

Common Misconceptions Cleared Up:

• "The bank owns my home" - FALSE. You retain full ownership

• "My heirs will lose the house" - FALSE. They can keep it by paying off the loan

• "I'll be forced to move" - FALSE. You can stay as long as you meet basic requirements

• "It's too expensive" - The costs are often financed into the loan

Is This Right for You? A reverse mortgage might be a good fit if you:

• Want to eliminate monthly mortgage payments

• Need additional income for retirement

• Plan to stay in your home long-term

• Have significant equity built up

• Want to access cash without selling

Next Steps:

The best way to know if a reverse mortgage fits your situation is through a personalized consultation. We'll review your specific circumstances, answer all your questions, and help you explore all your options - with no pressure or obligation.

Ready to learn more? Contact Jennifer directly: 📞 Call: 844-545-1665 📱 Text: 678-224-9952

With $150M in funded loans and 97% client satisfaction, Spot On Lending has helped hundreds of families make informed decisions about reverse mortgages.

Exemptions in BankruptcyThe good news is that there may be no limit on the exemption for a homestead. That means that even if your home has a lot of equity, and you file bankruptcy, you won’t lose the home. Defaults and PaymentsMany reverse mortgages have provisions in them that make filing for bankruptcy a default. However, in reality, most lenders will not enforce this provision. If they did, they would need permission from a judge, most of whom are unlikely to ever enforce this kind of provision, as contracts that make bankruptcy a default in an agreement are usually held to be unenforceable.What banks will do is stop payments to you on the reverse mortgage when the bankruptcy is filed. However, you can file a motion and ask the court to allow the payments to resume. There is nothing inherent in bankruptcy law that prevents you from getting your reverse mortgage payments during the bankruptcy.

To qualify, you must:

Be at least 62 years old

Own your home outright or have a low mortgage balance

Live in the home as your primary residence

Meet financial eligibility criteria

Complete HUD-approved counseling

We offer FHA-insured Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage and provide the strongest consumer protections.

The amount depends on:Your age (older borrowers typically qualify for more)Current interest ratesYour home's appraised valueFHA lending limits in your area

The amount of money you can borrow depends on how much home equity you have available. You typically cannot use more than 80% of your home's equity based on its appraised value. As of January 1, 2023, the maximum amount anyone can be paid from a reverse mortgage is $1,089,300. However, most people will be paid much less. Reverse Loan ratios are more lenient than a typical FHA loan. Feel Free to contact us today for information on what you will qualify for.

Yes! You retain ownership and the title to your home. You're responsible for property taxes, homeowners insurance, and home maintenance.

The loan becomes due when:You permanently move out of the homeYou sell the homeThe last borrower passes awayYou fail to meet loan obligations (taxes, insurance, maintenance)

Lump sum: Receive all proceeds at closing

Monthly payments: Fixed monthly payments for life or a set period

Line of credit: Access funds as needed

Combination: Mix of the above options

With our streamlined process and 97% client satisfaction rate, we typically close reverse mortgages within our average 21-day timeline, depending on documentation and appraisal completion.

Yes, typical fees include:Origination feeMortgage insurance premiumAppraisal feeClosing costs However, these can often be financed into the loan.

We're licensed to provide reverse mortgage loans in California, Texas, Florida, and Georgia.

Generally, reverse mortgage proceeds don't affect Social Security or Medicare benefits. However, they may impact need-based programs like Medicaid or SSI.

As long as you meet your obligations (paying property taxes, homeowners insurance, and maintaining the property), you cannot be forced to leave your home.

Which is Right for You?If you’re not too familiar with the concept of “reverse” mortgages, you might be wondering how these loans differ from traditional or “forward” mortgages.While there are some similarities between the two types of loans, they’re actually quite different in ways that may be very beneficial to senior borrowers. Depending on your current situation, getting a reverse mortgage might be a better option for you than a conventional loan.“Reverse” MortgagesLike traditional loan products, a reverse mortgage loan is secured by a borrower’s home, but in other ways it is very different.The Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program requires borrowers to be at least 62 years of age and have a sufficient amount of equity in their homes.The HECM allows borrowers to tap into that equity in their home. No monthly mortgage payments are required and any existing mortgage loan is paid off using the proceeds from the reverse mortgage loan. The amount of money available depends on the borrower’s age, home value, and current interest rates.Borrowers can receive the money through monthly payments, a lump sum, through a line of credit, or some combination of these options. The payment form will depend on whether the borrower chooses a fixed or adjustable interest rate.Which is right for me?The reverse mortgage program typically has fewer requirements for prospective borrowers. Credit history and income generally aren’t as restrictive in the application process as they are for “forward” mortgages, which could be a big advantage for people on a fixed income.Another key difference has to do with loan repayment. Reverse mortgage borrowers are not required to make monthly mortgage payments on their home. However, the loan becomes due when the borrower passes away or leaves the home. At that point, the loan must be repaid in full.Unlike a traditional loan, reverse mortgages are non-recourse, meaning that a borrower will never owe more than the value of their home —a comforting aspect of the loan in times when home values have declined.While reverse mortgages offer these great features, this type of loan isn’t for everyone. In order to qualify, you must meet the age requirements and have a sufficient amount of equity in your home. Like with any mortgage, you’re required to keep the home in good condition and stay current on taxes and insurance.At the end of the day, if you’re looking to remain in your home and have access to the equity you’ve built in your home, a reverse mortgage may be a great option.e