Smart Questions ---- Good Answers

Will I still own my home?

Yes.  You remain in your home, retain title to your property, and do not make any monthly payments.

What kind of restrictions are there on what I can do with the money?

You can use the proceeds any way you choose.  In most cases, the money is tax free.  Many people use the funds to reduce debt, take care of medical expenses, or to help their grandchildren or loved ones.

Who can give me good advice about a reverse mortgage?

Our customers talk with their attorney or financial advisor, family members or close friends, or even the AARP.  We encourage you to talk this over with someone you trust, because we want you to feel good about your decision.

How much does a reverse mortgage cost?

There are a number of different programs to meet individual needs, and the costs vary from program to program.  Most reverse mortgages have costs similar to conventional mortgages, including interest charges, loan origination fees, closing costs, inspections and insurance.

How much money can I receive?

It varies, but the general rule of thumb is the older you are and the higher the appraised value of your home, the more money you will receive.  The major determining factors are: the reverse mortgage program chosen, the age of the borrower, the appraised value of the home, the amount of equity in the home and current interest rates.

Is it a difficult process?

It is an easy and simple process.  You are given an experienced loan officer who specializes with reverse mortgages.  This allows our customers to normally complete the process in a month or less.  Once you determine your financial goals and the best plan to meet them, the rest of the process moves quickly.

Contact us at: info@sucasamortgage.org