What is a Reverse Mortgage? 

• A reverse mortgage allows homeowners who are 62 years or older and living in the home to convert a portion of the home’s equity into cash.
• The homeowner will retain full ownership and control of the home throughout the life of the reverse mortgage.

 How much can I get?

The amount you can get depends on:

• Your age
• The value of your home
• Location of your home
• Current interest rates

How is the loan paid?

• Lump sum payment
• Line of credit
• Fixed monthly payments
• Combination of the above

When do I pay back the loan?

When the last surviving spouse dies, sells the home, or permanently moves away for 12 consecutive months.

How can I spend the money?

• Pay off debts or mortgage
• Property taxes / home insurance
• Long-Term Care or Costly prescription drugs
• Remodel your home
• Finance a vacation home
• Take a dream vacation
• Simply enjoy a more comfortable retirement lifestyle

 Are Reverse Mortgages Safe?

• Reverse Mortgages are insured by the U.S. Dept. of HUD and Fannie Mae
• Payments to borrowers are guaranteed by the U.S. Government
• They are only available through HUD Approved lenders
• Independent HUD counseling is required prior to application

 If you would like more information about Reverse Mortgages, please contact us at toll-free 800-346-5006.

Retirement is meant to be enjoyed

Contact us: CKS@summitgp.com

Webmaster@summitgp.com

586-286-5820

Investment Advisory Services offered through Brookstone Capital Management LLC, an SEC Registered Investment Advisor

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting, tax or investment advice. The information on this site is not intended to constitute an offer to sell or solicitation in connection with a product, security, nor is it giving legal and accounting advice. Always consult an attorney and an accountant before making decisions in your personal situation.