Senior Advantage Reverse Mortgages

Frequently Asked Questions

How can I receive payments?

Payments can be received in a variety of ways, which enables you to tailor a payout plan that meets your needs. You can receive income tax-free** payouts in the form of a check every month, a line of credit you can draw on as you need it, a single lump sum payout, or any combination of these ways.

How can I use the money from a reverse mortgage?

Other than having to pay off any existing liens on your property (ex. a prior mortgage, a home equity loan, tax lien, etc…), there are no restrictions on how a reverse mortgage may be used. Funds may be used to pay off debt, make home improvements, pay monthly expenses including medical bills, buy a car, pay for a grandchild’s education, take a vacation, or practically anything else. Click on the links below for additional Financial uses of a reverse mortgage:

Paying For Health Care With A Reverse Mortgage
Using A Reverse Mortgage As A Wealth Management Tool
Making Improvements To Your Home With A Reverse Mortgage

Is it difficult to qualify for a reverse mortgage?

No, qualifying is easy. The amount you qualify for is based on the value of your home, the age of the youngest homeowner, and the current interest rate. Income and credit history are not considered, so almost any senior homeowner can qualify.

Are there any out-of-pocket expenses?

Out-of-pocket expenses include a home appraisal and credit report. However, any out-of-pocket expenses can be refunded to you at closing if you choose to finance them with your closing costs.

Is my home eligible for a reverse mortgage?

Most 1-4 family owner occupied homes are eligible. Certain condominiums, planned unit developments, and manufactured homes may also be eligible. Ask your M&T reverse mortgage specialist for details.

Will I continue to own my home?

Your name will remain on the deed until your home is sold or your estate is settled. However, a mortgage will be placed on your property, as would be the case with any real estate loan.

How can I get started?

Getting started is easy. Call me or click on the 'Receive A Free Reverse Mortgage Packet" button on the left.  We will answer your questions and arrange for counseling.  After completing reverse mortgage counseling, you can apply.

*You must also continue to occupy your home as your primary residence, keeping it in good repair, with all taxes and insurance premiums up to date.
** Consult your tax advisor.

Sierra Pacific Home Loans, Inc.
7480 North Palm Avenue, Suite 103
Fresno, California 93711
888.478.3727