Unlock the Value in Your Home with
Zenith Reverse Mortgages

A Reverse Mortgage (RM) or a Home Equity Conversion Mortgage (HECM), is a way to turn some of the equity in your home into tax free cash without being required to make monthly re-payments. The sell of the home pays the loan balance at the time of your passing, or when you move from the property permanently.

A RM is a unique loan that allows senior homeowners access to a portion of the equity they have built up in their homes without adding any required repayments. They always remain the sole owners of the property and any money they receive is tax free, also, there are no restrictions on how the money can be spent by the homeowner.

At least one borrower needs to be 62 or older

You live in the home as your primary residence. At least 6 months and 1 day of every year (you can’t use this property as a rental at any time)

You must own your home, or have a small mortgage balance.

HUD required counseling must be done prior to application. (To assure you understand the entire process and fees)

You must continue to pay Property Taxes, Insurance and all HOA yearly fees

It depends on the age of the youngest of the borrowers, the value of the home, how much you owe if anything and current interest rate at the time of closing. The older you are the more you have access to.

NO. The proceeds are not considered income, so they are tax free

Reverse Mortgages are a premium FHA product. Safety nets have been put in place by FHA to ensure Security with the Senior community.

One is it is a non-recourse loan which means you will never owe more than your home is worth and your heirs will never be responsible for any debt under the loan. Should the balance ever exceed the value of the home, the MIP kicks in to pay the difference, so the lender always gets paid Regulated by HUD and Insured by FHA. Interest rate caps. No pre-payment penalties. Origination and 3 rd party fee caps. The remaining closing costs and fees are standard fees for any loan.

Nothing changes if both spouses were on the original RM. When the 2 nd borrower dies, then the loan is called due and payable. Some non-borrowing spouse rules apply.

Title always stays in the borrower’s name. The home can also be titled in a trust if the borrowers prefer and retain control to sell, with no penalties. Also, there are no requirements to stay in your home for any length of time.

The mandatory counseling is done prior to application and is the responsibility of the borrowers, that charge is paid out of pocket, but all other fees are included in the loan. The counseling is usually $125.00 and is some cases is done at no charge. Please ask for the list of Reverse Mortgage Counselors.

Any remaining equity left after paying off the RM goes directly to your estate or is passed to your heirs.