Reverse Mortgage

Manhattan Mortgage Nationwide, a Licensed Florida Mortgage Lender, and Concept Group, a registered New York Mortgage Broker (Concept Group I/L/O/T/N Manhattan Mortgage Corporation), is HUD approved to work with homeowners using the HUD reverse mortgage program (also called home equity conversion loan) designed to enable elderly homeowners to tap into their equity without selling their home. The program provides for the lender to pay you money based on the equity you've accrued in your home; you may be eligible to receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home, or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.

Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.

Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable based upon your needs and qualification for the program. The proceeds from the reverse mortgage program are nontaxable and do not interfere with your Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed your property value. Why not give one of our loan officers an opportunity to work through your scenario to see if a Reverse Mortgage makes sense for you.