Reverse Mortgages

A reverse mortgage can be an extremely valuable tool for people at least 62 years old. The AARP pushed hard to have this available for seniors.

In essence, you take back your equity in the house and use it while you REMAIN IN YOUR HOME. There are no monthly payments as with a home equity loan. When you decide to move from your home or if you pass away the house is then sold (or refinanced to your children) to pay off the reverse mortgage. You will never owe more on the reverse mortgage than the market value of your home — that is guaranteed (actually insured) by HUD.

Websites with more information are:
HUD has a publication about the top 10 things to know about a reverse mortgage: www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
AARP also provides information: www.aarp.org/revmort

For a reverse mortgage quote, email: reversequote@tugglerussell.com or call Clayton Tuggle at 972-788-4703.