This general information is NOT a substitution for the advice of an attorney, accountant, and/or financial planner. Before you decide to pursue a reverse mortgage, you should carefully consider your individual circumstances so you can make a wise decision about the most valuable asset you may own—your home. This is a loan, not a benefit. These materials are not from HUD or FHA and were not approved by HUD or a government agency. When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid. Factors to consider include whether the proposed reverse mortgage is a recourse or nonrecourse loan, whether the loan would have a fixed or adjustable interest rate, and/or the current and projected market value of your home. While a reverse mortgage may allow you to use loan proceeds to pay off an existing mortgage or other debts, applicants should not assume these obligations are eliminated. A reverse mortgage uses your home’s equity to pay off existing debt, which consolidates those balances into the new loan. The loan balance grows over time and must be repaid when the home is sold, the borrower no longer occupies the property, or the loan otherwise becomes due. This may reduce the equity available to heirs, and total finance charges can be higher over the life of the loan. These balances are consolidated into the new reverse mortgage loan, which must be repaid when the loan becomes due. Any reduction in monthly payments may result from extended loan terms, and total finance charges can be higher over the life of the loan. The actual savings and benefits will vary depending on individual circumstances. This is not a commitment to lend or extend credit. All loans are subject to credit approval. Not all applicants will meet the requirements necessary to qualify.