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Frequently Asked Questions
Does the Government or bank take my home?
No, your home is yours to keep! A Reverse Mortgage is simply a government insured loan secured by the equity in your home.
How do I receive my proceeds?
You can get a lump sum payment, save the money in a credit line with future growth, or choose a monthly distribution for life. The choice is yours!
Are there limits on how I can use the proceeds?
Your proceeds can be used however you wish. You can use the money for home improvements, to take a vacation and travel, to pay for prescription drugs or medical needs, or simply to enjoy a better quality of life.
When do I have to pay back my loan?
The loan is paid back when the last surviving spouse no longer resides in the home as a primary residence, usually through the sale of the home.
How does a Reverse Mortgage affect the future sale of my home?
After the last surviving spouse is no longer in the house, your heirs can pay off the loan, refinance the mortgage, or sell the house.
What if I owe more than the house is worth when I leave the home?
This is an FHA insured non-recourse loan, so your estate and/or heirs would never owe more than what the home sells for.
Do I have to pay taxes on this money?
Since a Reverse Mortgage is a loan, the loan proceeds are tax-free and not considered income. But always consult with your tax adviser.
Will this loan affect my Social Security or Medicare?
Reverse Mortgage loans do not normally affect your eligibility for traditional Social Security or Medicare. Please consult your financial adviser if you get supplemental Social Security benefits or state-funded medical benefits beyond Medicare coverage.
What if I own a condo or mobile home?
If your manufactured home is built after June 15th, 1976 and is FHA approved, you may have Reverse Mortgage options. FHA approved condominiums are typically eligible as well.
Do I have to undergo HUD approved counseling?
Yes, HUD approved counseling is mandatory for all Reverse Mortgages. For your protection and peace of mind, we want to make sure you thoroughly understand the terms of the loan via an independent third-party.
What is mortgage insurance premium (MIP)?
MIP is required for a US government-backed, FHA insured Reverse Mortgage loans to protect you, your heirs, and your estate — and it’s what makes a Reverse Mortgage possible!
Do my spouse and I both have to be 62 to qualify?
Loans are now available to borrowers with spouses younger than 62. This new rule change allows the younger spouse to stay in the home without the threat of satisfying the loan if their older spouse passes away. The younger spouse must comply with all of the normal Reverse Mortgage terms.
How The Process Works
1. Education
Talk to Green Monarch to discuss your specific needs. Learn about the benefits, options and costs related to obtaining a Reverse Mortgage.
2. Qualification
You must be at least 62 years old and own a home with sufficient equity reserves. Personal credit is not required!
3. Counseling
Our government requires all Reverse Mortgage applicants to undergo HUD approved counseling. This counseling is performed by an unbiased third-party agency and will only take about 30 minutes.
4. Application
After you have completed counseling, we will set up a time to meet to go over your loan application and to help you obtain some of the required documentation.
5. Approval
When we have your completed application along with any additional required documentation – plus an appraisal with a confirmed value — then we will set up a closing date for you to sign the final closing documents.
6. Funding
This is the completion of the Reverse Mortgage and you will receive your money in the fashion you choose.
Any big financial decision like a Reverse Mortgage requires that you are confident – not only in the decision, but also in who you trust to guide you through the process. Green Monarch will guide you through each step of the process, ensuring a successful and positive experience.
We really enjoyed the one-on-one service we received from Green Monarch. Thank you for all of your professionalism.
Brent and Cindy
Irvine, CA
WHY PAY HIGH FEES WHEN YOU DON’T HAVE TO?
The Reverse Mortgage is the same product from all mortgage lenders. The only difference is the fees and costs. GREEN MONARCH charges NO FEES! Stay Local, together it’s our community!
CALL TODAY! (949) 682-7703
