More at http://www.reversemortgagelendersdirect.com/reverse-mortgage
Irina makes a great point. Keep in mind that the bank is offering this program as another way to boost their income/assets column. They will be taking into consideration your life expectancy and the perceived market at that time. Thus, they will not give you the maximum of what your home is worth. There is a rather generous cushion that benefits the bank.
Please keep in mind that these types of programs change frequently as do the rules. It is important to look into the details for your particular situation along with your attorney and accountant before making this step. It is not for everybody.
This is not legal advice and should not be construed as such.
Hope that helps.
When getting a reversed mortgage - you are not getting your full equity being paid back to you, but
only a certain allowed conservative LTV (Loan to Value).
Each lender has different guidelines as to how much of your equity will become a mortgage, so it's good to look into different types of lenders, who do reverse mortgages (not all do).
The good part is that you are being paid back your own money/equity gained in the property.
You have to make sure that you read all paperwork in connection with the mortgage, and you also have to find the least expensive mortgage lender.
Hope this helps,
Beachfront Realty, Inc.
PRO-The funds are not taxable, and providing to are healthy enough to remain in your home, you do not have to make any payments.
Best of Luck to you!
Kawain Payne, Realtor