Kathy Guardia, Realtor®
239-498-0590  
kathyguardia@earthlink.net
Providing Real Estate Services for Bonita Springs, Bonita
Beach, Estero, Ft.. Myers, Ft. Myers Beach and Naples
Areas
Reverse mortgages enable eligible homeowners to access the money they have built up as equity
in their homes. They are primarily designed to strengthen seniors’ personal and financial
independence by providing funds without a monthly payment burden during their lifetime in the
home. If you are a homeowner age 62 or older, you might be interested in talking with a lender or
counselor about reverse mortgages. These products offer a way to borrow against your home
equity to create a regular and tax-free source of income or a significant source of ready cash, all
while you continue living in your home. And, you don’t repay any part of the loan as long as you
occupy your home and don’t violate any terms and conditions of the reverse mortgage — unlike
regular home loans that you begin paying back as soon as the loan is made.

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the
equity in his or her home into cash. The equity built up over years of home mortgage payments
can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is
required until the borrower(s) no longer use the home as their principal residence. HUD's reverse
mortgage provides these benefits, and it is federally-insured as well.



To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires
that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low
mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and
must live in the home. You are further required to receive consumer information from HUD-
approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling
Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved
counseling agency and a list of FHA approved lenders within your area.

To learn more about a Reverse Mortgage and qualifying,  follow the link below to the U.S.
Department of House and Urban Development web site.
What is a reverse mortgage
Can I qualify for a HUD reverse mortgage?
REVERSE
MORTGAGES
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