“Understanding your financial needs and goals is important to us, and we are committed to securing financing that meets your needs.”
What is a Reverse Mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home.* Consult Tax Advisor. Not all products available in all states.
- You must be at least 62 years young
- It must be your Primary Home
- Ther is NO requirement for Credit, Empolyment, Income or Assets, unless doing reverse for purchase in which case we need to verify assets to close
- It is that easy!
- Monthly Home Equity Conversion Mortgage
- Annual Home Equity Conversion Mortgage
- PURCHASE or Refinance
- You don’t need any income to qualify
- You don’t have to make monthly repayments on a reverse mortgage
- You can receive additional monthly income
- You NEVER owe more than your home is worth. You are fully insured and protected by the FHA when you payoff the loan
- You can never lose your home as long as you maintain the property and pay the taxes.
- Your home goes to your heirs, not the bank
HOW DOES IT WORK?
- The amount you can borrow is based on:
- The value (or Price) of your home
- The age of the youngest spouse
- The area your home is located
- You can receive either:
- A lump sum up front
- A monthly advance
- A combination of both
- Your unused credit line grows each year based on the CPI
- You can pay off your exiting home loan
- There are NO payments required during your lifetime
- You NEVER lose your home as long as you pay your property taxes and maintain the home
- Meet with us to determine if a Reverse Mortgage is right for you
- Complete the required reverse education counseling program
- Fill out application
- That’s it! Relax and leave the rest to us