Tired of dreaming of that boat, motor home, or much-deserved vacation? Concerned about medical bills? Are you considering renovations to your home? If so, a Home Equity Conversion Mortgage (HECM) – typically referred to as a Reverse Mortgage – may be an option for you.

A Reverse Mortgage is a Federal Housing Administration (FHA) insured loan enabling homeowners to access a portion of their home equity to use in different ways. You can use the proceeds to pay off an existing mortgage, add to your nest-egg, eliminate credit card debt, or enhance your lifestyle.

Reverse Mortgages are available for both Refinance and Purchase loans. The property must be the homeowner's primary residence with sufficient equity, and the youngest borrower must be at least 62 years of age. Property types include single-family, 2-4 units owner-occupied, townhouse, approved condominiums, or manufactured homes. Income verification may not be required, and your credit score is not a factor in the qualification process.

Here's how a Reverse Mortgage benefits qualified homeowners:

• No mortgage payments
• You can receive proceeds in a choice of ways (e.g., a lump sum, line of credit, monthly payment)
• You can stay in your home and maintain the title
• All loan proceeds are tax-free and can be used however you wish

If you think you may qualify for a Reverse Mortgage, let NORSTAR CAPITAL explain everything you need to know about this type of loan. We'll answer all of your questions and ensure that you're equipped to make an informed decision as to whether a Reverse Mortgage is right for you.

Contact us today so we can learn about your specific needs and begin exploring your loan options.