Frequently Asked Questions


Q.What is a reverse mortgage?
A reverse mortgage allows a homeowner to turn the equity in their home into a monthly income or lump-sum cash, BOTH TAX FREE. NO PAYMENT is required for as long as you live and maintain the home as your primary residence.

Q.How do I qualify?
The applicant(s) must be 62 years of age or above and own a home. There are NO credit, NO income and NO health requirements.

Q.How much money can I receive?
The amount available is based on several factors: your age, home value, current interest rates and the specific plan you choose. Generally speaking, the higher the age, the higher the value of the home, the more money is available.

Q.Who really owns my home?
You do. A reverse mortgage is just a lien similar to a traditional mortgage. You can sell you home at any time.

Q.Is there more than one reverse mortgage?
Yes, there are six. The majority of reverse mortgages issued are the FHA (Federal Housing Administration) “Home Equity Conversion Mortgage” (HECM). They are federally insured and come in two options, the monthly adjustable option or the annually adjustable option. “FannieMae” (FNMA) offers the “Home Keeper” reverse mortgage and there are also three proprietary reverse mortgages for higher valued homes. .

Q.Do I have to pay income tax on the proceeds?
Proceeds received from a reverse mortgage are loan advances and not taxable income. For your specific situation, we recommend that you consult your tax advisor.

Q.How safe are FHA insured reverse mortgages?
They are VERY SAFE. You or your heirs retain ALL ownership rights. It is impossible to fall behind on payments because there are none to make. And reverse mortgages are “non-recourse” mortgages so a debt CANNOT be passed to your heirs as a result of doing an FHA insured reverse mortgage.

Q.Can a person ever lose their home?
NEVER. As long as the home remains the borrower’s primary residence and you keep the home insured and your property taxes current.

Q.Who gets my home after my death?
Your estate does. Your heirs have the CHOICE of keeping or selling the house. If they decide to sell the home, the proceeds of the sale would be used to repay the mortgage, with the remainder going to your heirs.

Q.Will this income affect my Social Security or Medicare benefits?
NO. Money from a reverse mortgage is not considered income, nor does it affect Social Security or Medicare. Homeowners on SSI or Medicaid should observe pertinent rules.

Q.How can I take a look at my specific situation?
You can evaluate the different reverse mortgages with a no-cost, no-obligation computerized comparison of the available plans. Call Toll Free (888) 415-1955

Q.Please tell me about Griffin Financial Mortgage, LLC.
Our goal at Griffin Financial Mortgage, LLC is to provide service and knowledge above our customers’ expectations. We are an Equal Housing Lender licensed by HUD and doing business in 20 states. Our company, is headquartered in Fort Worth, Texas.
 
WHAT
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WHAT IS A REVERSE MORTGAGE?

Reverse Mortgages allows a senior homeowner (62+) to exchange a portion of the equity in their home for a Tax Free Income. A Mortgage Reverse has NO Monthly Payments required for as long as you live. A Reverse Mortgage Specialist provides Tax Free Cash that can be used for any purpose. With a Reverse Mortgage you retain the Title to your Home. That means with Reverse Mortgages you can sell your Home at Anytime. Mortgage Reverse allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage Specialist does not affect Social Security and Medicare. With a Reverse Mortgage there is No Income, Credit or Health Qualifications.

THE PROCESS OF REVERSE MORTGAGES

  • Educate yourself about a mortgage reverse.

  • Get a free information package about a Reverse Mortgage Specialist.

  • Speak with a qualified lender about your option of a Reverse Mortgage.

  • Consult a trusted family member or financial advisor about the benefits of Reverse Mortgages.

  • Schedule a counseling session with a third party, non-biased counseling group about a mortgage reverse.

  • Upon reaching a decision to pursue a Reverse Mortgage specialist complete an application with a qualified Reverse Mortgage.

  • The Reverse Mortgages will begin the underwriting process by ordering an appraisal, title work, and other related documentation.

  • The mortgage reverse is submitted for final approval and then is scheduled for closing at a location convention for you.

  • At funding of the Reverse Mortgage you receive your Tax Free Cash.