Obtaining a Reverse Mortgage is a quick and easy process. Your income and credit rating are not a factor in the approval process! In order to qualify for a Reverse Mortgage, you must:

• Be at least 62 years of age or older (including spouse)
• Be using the home as a primary residence
• Have no current mortgage, or
• Have a mortgage balance that can be paid off with the proceeds of the Reverse Mortgage

The amount you will receive from your Reverse Mortgage depends on a number of factors, including the amount of your home's appraised value, the current interest rates, and the age of the youngest borrower. After your estate repays the lender, the remaining equity is paid directly to your heirs. If your family or estate wishes to keep the home, a conventional mortgage can be used for repayment and any additional equity remains in the control of your family members or the estate. Reverse Mortgage benefits:

• No payment on the mortgage as long as you reside in your home
• No restrictions on how you use the proceeds.
• You retain ownership to your home, not the Lender
• No taxes on the proceeds from the Reverse Mortgage
• The FHA Reverse Mortgage is a Federally insured program
• Many flexible payment options available

The Loan is Repaid When:

• The last borrower passes away
• The home is no longer the borrowers primary residence
• The home is sold
• The borrower's transfer title of the property to someone else

iQuest Mortgage can provide you with all of the details that you need to make an informed decision.

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