
The Louisiana reverse mortgage products are available to home owners age 62 ½ and older. This is a HUD insured non-recourse debt. This means that if you out live the proposed mortgage and live beyond age 100 the amount to pay off the mortgage that exceeds the value of the home can not be passed to your heirs.
As on a traditional mortgage, the MIP (mortgage insurance protection) protects the lender, the MIP on a louisiana reverse mortgage protects the family of the home owner from a payoff that exceeds the future value of the home. Senior Citizens can pay off existing mortgages, receive a lump sum of cash, accept a line of credit, receive monthly income, or mix and match any combination of these. HUD has also allowed for the purchase of a principle residence with a reverse mortgage for qualified candidates.
The flexibility of the reverse mortgage program allows each senior to tailor a program that best meets their individual needs. Accepting a reverse mortgage requires an education seminar that can be completed by telephone in the privacy of your home or locally at a participating non-profit organization.
There are many. Here are a few of the most significant:
Remain independent. A reverse mortgage allows you to remain in your home and retain home ownership.
Stay in your home. It allows you to remain in your home and retain home ownership.
No monthly mortgage payments required. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home.
Tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.
Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.