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AARP and HUD/FHA completed a survey of homeowners who took a reverse mortgage.

Here are the results of what they used their funds toward (respondents could choose more than one response):

Healthcare 67%

Repay loans 55%

Reduce burden

on children 50%

Home repair 50%

Pay taxes 38%

Daily Expenses 29%

Travel 14%

Gifts 3%

"I paid off the existing mortgage and some credit cards. Now I have a guaranteed income for the rest of my lifetime and enjoy my retirement."

"It was the right decision for me, and my family thinks so, too. The payments always come on time, and the people are always helpful. I wish I could say more good things, but you'd think I worked for them if I did."

Reverse Mortgages

A reverse mortgage is the opposite of a traditional mortgage. A reverse mortgage pays YOU money. A reverse mortgage borrower uses the equity in your home to gain income. Throughout the life of your loan, the balance gets larger while the equity gets smaller.

Retirement is a time to enjoy family and friends, explore new interests, and enjoy life to the fullest. A reverse mortgage can allow seniors to live in their home comfortably and securely by turning the equity in their home into extra cash.

We offer reverse mortgage options to suit your individual needs because we understand that your situation is unique. Decide if a reverse mortgage is right for you is an important decision. We encourage you to take your time, understand your options, discuss them with your tax advisor and family members. Feel free to contact us for assistance at any time, because we are confident we can help guide you to the solution that works best for you.

Reverse Mortgage Facts:

	All borrowers must be 62 years or older
	No mortgage payments while loan is in effect
	No repayment until the home is sold, the owner moves out, or passes away
	You will never owe more than the appraised value of your home
	No income or employment verification
	Interest is paid at the time the loan is repaid
	In the event of death of the owner, heirs have the choice to repay the loan and keep the house or sell the home and repay the loan
	Social Security and Medicare benefits are generally not affected by a reverse mortgage, but consult your tax advisor
	You remain the owner of your home--lender does not hold title
	closing costs and fees incurred can be financed as part of the loan

The Process:

Contact one of our licensed loan officers to explain the benefits, features, income options, and costs associated with a reverse mortgage
Personalized loan application and comparison of different types of reverse mortgage loans will be delivered to you
Attend a counseling session by a HUD-certified counselor, a requirement for anyone applying for a reverse mortgage, so that you are certain you understand the process
Meet the qualifications: appraised value of home, borrower's age, equity in home
Close your loan

Loan Payment Options:

	You can have a line of credit to access funds at your convenience
	Get a monthly payment for a set term or for life
	Get lump sum cash at time of loan closing
	Or, we can work with you to design a customized plan to meet your needs (such as a lump sum plus monthly payments)

Any type of loan advertised elsewhere is available through Continental American Mortgage.

	Competitive rates
	Free Pre-Approval
	FHA/VA
	All types of credit
	Atencion en Espanol

Real estate finance is our only business, and we take our business seriously.

If you could benefit from extra cash to supplement your income, reduce credit card debt, cover medical expenses, help a loved one, or just enjoy life a bit more, a reverse mortgage may be right for you.

Reverse Mortgages

Reverse Mortgage Facts:

The Process:

Loan Payment Options:

Call one of our licensed loan officers today:

214.361.1191