Reverse Mortgages

Reverse mortgages offer senior homeowners a way to turn equity into Cash!

A reverse mortgage is a loan against your home that you do not have to pay back as long as you live in the house, and you still own your home throughout the entire term of the loan.

• If you are 62 years or older
• Have equity in your home
• Want to stay in your home until you sell it or move out
• If some extra money can make a difference in the quality on your life, than a reverse mortgage may be for you

You can use the proceeds from your reverse mortgage for:

• Healthcare and prescription costs
• Home repairs or to pay off an existing mortgage
• A way to supplement income for everyday living expenses
• Assisting grandchildren with education
• Estate and financial planning
• Long therm care insurance or for what ever you wish

Meeting the requirements:

• You must be at least 62 years old
• Own your own home
• Live in your home full-time
• Have a conversation with an approved HUD counselor

Eligible homes:

• Single family homes
• Multi-family homes up to 4 units
• Condominiums
• Townhouses
• Co-op (not all areas)

You have several choices on how you can receive the proceeds:

• In monthly payments
• In one lump sum
• As a line of credit (the most popular)
• As a combination

Reverse mortgage programs:

• HECH (Home Equity Conversion Mortgage) is a FHA goverment insured loan
• The Fannie Mae Home Keeper
• Jumbo Cash Account

There are no out of pocket expenses when applying for a reverse mortgage. All closing costs can be financed with the proceeds from the reverse mortgage at closing.

Benefits of a reverse mortgage:

• No income requirements
• No credit requirements
• No health requirements
• No monthly mortgage payments to be made
• The loan is due when the last person on title no longer occupies the home
• Neither you nor your heirs will owe more than your home's appraised market value at the maturity of the loan.

Whatever your specific goals, a reverse mortgage can go a long way towards helping you maintain your financial independence.

To apply or learn more about reverse mortgages, contact us today.

Send mail to info@aefunding.com with questions or comments.

Contact information:

Telephone
          201-944-8646
Fax
          201-586-0381

Postal address
          P.O. Box 332, Leonia, NJ 07605