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Reverse Mortgage

What is a Reverse Mortgage?

If you’re 62 years old or older, you may be eligible for a reverse mortgage.

A reverse mortgage would allow you to borrow against the value of your home.

The payments you receive along with accrued interest and other charges increase the loan’s balance and decrease your equity in the property.

The most popular reverse mortgage is the FHA Home Equity Conversion Mortgage (HECM).

As long as the borrower lives in the home as a primary residence, has homeowners insurance, maintains the property, keeps up to date with property taxes and HOA fees the loan does not have to be repaid.

If the property is sold or the last surviving borrower no longer occupies the property or passes away, the loan becomes due and payable.

Usually, the home is sold to repay the loan and, if FHA-insured, FHA pays for amounts not fully covered by the sale proceeds.

Reverse Mortgage Pros & Cons

ProsCons
No monthly mortgage payment Decrease in your homes equity
Never owe more than what your home is worth It's possible that it could affect your heirs inheritance
Flexible payment options It's possible that it will affect your ability to acquire another loan
Minimum income and credit requirements It's possible to be disqualified from low income assistance such as Medicaid

Apply now for a Reverse Mortgage

Start our easy loan application process today and take one step closer to home ownership.

Ask us Anything

If you're interested in a conventional loan program and you want more information or if you would like to get started then leave a message or give us a call at 661.799.8515.

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