A better mortgage. A better future.

Reverse Mortgage

Your home is your most important asset. You have worked hard to build equity for better days of retirement. Now, it is time to put that equity to work for you. Learn more about all of the options available to help you take advantage of the benefits a reverse mortgage has to offer and enjoy your golden years without worrying about mortgage payments.

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FAQ

What Is a Reverse Mortgage?

A reverse mortgage is a special type of loan for homeowners aged 62+ that lets you convert a portion of the equity in your home into cash.

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Why Should I consider one?

This loan may be useful for someone who expects to live in their home for several years, and would like extra money to do so.

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What's the difference between a reverse mortgage and a regular home equity loan?

Unlike a traditional home equity loan, you don’t have to repay a reverse mortgage loan until you either no longer live in the home as your principal residence or you fail to meet the obligations of the mortgage.

How much does a reverse mortgage cost?

Just like with a traditional mortgage, there are closing costs associated with a reverse mortgage.

Are reverse mortgage a scam?

Reverse mortgages themselves are not a scam, but there are unscrupulous people and companies that sometimes use reverse mortgages to exploit consumers.

Is this your forever home?

Reverse mortgages are expensive, so if you or your spouse would want to move later on, you’re better off selling and downsizing.

How much can you borrow?

Your maximum loan size is based on your home equity, your age, and interest rates.

What it will cost?

Mortgage insurance and closing costs are similar to those of a traditional mortgage.

Not sure if You qualify?

(800) 823-0206

PROGRAM DETAILS

  • You must be 60 years of age or older to participate.
  • Own the property outright or have paid-down a sizable amount.
  • Occupy the property as your principal residence.
  • Not to be delinquent on any federal debt.
  • Have the financial resources required to make timely payment of property taxes, insurance and/or Association fees.
  • Participate in a consumer information session given by a HUD-approved HECM counselor.
  • Must be a single family home or 2-4 unit home with one unit occupied by the borrower
  • HUD-approved condominium project
  • Manufactured home that meets FHA requirements

In order to ensure borrowers will have financial resources to continue to make timely payment of property taxes, insurance and homeowner association fees, a portion of the qualifications are based on:

  • The borrower(s) income, assets, monthly living expenses, and credit history are required to be verified
  • Verification of timely payments of real estate taxes, hazard and flood insurance if applicable

You can select one or more of the following payment plans:

Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence

Term – equal monthly payments for a fixed period of months selected

Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted