A reverse mortgage allows homeowners aged 62 or older to convert equity in their home into tax-free cash without making monthly mortgage payments. The homeowner retains ownership and can continue living in the home. The loan does not need to be repaid until the last surviving borrower no longer lives in the home. Homeowners remain responsible for property taxes, insurance, and home maintenance. A reverse mortgage provides flexibility, allowing funds to be taken as a lump sum, monthly payments, line of credit, or combination. Costs include origination fees, closing costs, and mortgage insurance, but many costs can be financed into the loan amount.

1. WHAT IS A REVERSE MORTGAGE?
A reverse mortgage is a loan that enables homeowners who are at least 62 years old
to convert some of their home equity into cash, or to finance a home purchase with
the freedom of no monthly mortgage payments. The borrowers continue to live in and
own their home. Unlike a traditional home equity loan or home equity line of credit,
a reverse mortgage doesn’t have to be repaid until the last surviving borrower no
longer lives in the home, or the home is sold.* The homeowners remain responsible
for keeping current with property taxes and hazard insurance, and maintaining the
condition of the home.
AM I ELIGIBLE?
To be eligible for a reverse mortgage:
• All titleholders must be age 62 or older.
• The home must be the borrowers’ primary residence, and must meet Federal
Housing Authority (FHA) minimum property standards.
•
WILL THE BANK OWN MY HOUSE?
No. Just like a traditional mortgage, as long as the terms of the loan are met, the
borrowers retain full homeownership and can sell the home at any time.
HOW MUCH MONEY CAN I GET?
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FREQUENTLY ASKED QUESTIONS
About Reverse Mortgages
You must have sufficient home equity. A Senior Mortgage Loan Originator
from Luxury Mortgage Corp can tell you if you have enough home equity to
qualify.
This is determined by the age of the youngest borrower, your home value, the
amount of equity, FHA lending limits, the current interest rate, and the reverse
mortgage product and payment option you choose. A Senior Mortgage Loan
Originator from Luxury Mortgage Corp can provide you with a quote that’s tailored
to your specific situation, with no cost or obligation.

2. HOW DO I RECEIVE MY PROCEEDS?
You can take your funds as a lump sum; monthly payments for a specified time period,
or for as long as you live in the home; a line of credit; or a combination of these.
AM I SPENDING MY CHILDREN’S INHERITANCE?
WHAT ARE THE COSTS ASSOCIATED WITH A REVERSE MORTGAGE?
In addition to interest, the costs can include a property appraisal fee, origination fee,
closing costs, mortgage insurance premium, servicing fee and a modest charge for
HECM counseling. While closing costs vary based upon the type and size of the loan,
they’re the same as those for any traditional mortgage. You can roll most of the
up-front costs into the loan, so out-of-pocket expense can be minimized. We will give
you a detailed cost breakdown, so you know exactly what to expect.
For answers to all your reverse mortgage questions, contact me anytime:
*If the borrower does not meet loan obligations such as taxes and insurance, then the loan will need to be repaid.
Wendy Salpeter, Luxury Mortgage Corp
Senior Mortgage Loan Originator, NMLS# 118429
561-853-2611
wsalpeter@luxurymortgage.com
Luxury Mortgage Corp
150 East Palmetto Park Rd, Suite 450
Boca Raton, FL 33432
Licensed in CA, CT, FL, GA, MA, MD, NJ, WA, TX and NY
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
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This material is not from HUD or FHA and has not been approved by HUD or any government agency.
A reverse mortgage may help you plan for a more comfortable retirement, lived with
greater financial independence. At Luxury Mortgage Corp , we encourage you to
involve family members in your decision process—so you can make the choice that’s
right for you. When the home is sold or is no longer your primary residence, the loan
must be repaid. Any remaining equity belongs to you or your estate, and can be
transferred to heirs.