What is a Reverse Mortgage?
A reverse mortgage allows homeowners with considerable home equity to borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit. Here are some of reasons why you might want to consider a reverse mortgage:
- Eliminate or reduce monthly mortgage payments.
- Consolidate debt.
- Pull cash out of your home equity.
- Protect home equity from declining home markets.
- Help pay for in-home care.
- Help homeowners stay at home and age independently
Unlike traditional mortgages, a reverse mortgage does not impose the burden of monthly payments. This may be an especially attractive option for borrowers on a fixed income.
Reverse Mortgage Requirements
- The age requirement is 62 or older.
- You must own the home and it must be your primary residence.
- You must have enough equity in the home – at least 50%, usually.
- If you are 62 years old, but your spouse is under the required reverse mortgage age, you can still get a HECM, but your spouse will be considered a non borrowing spouse and will not have access to your loan proceeds.
- Borrowers must continue to pay their property taxes and homeowners insurance and maintain the property.Learn More
Get Started on Your Reverse Mortgage
Our reverse mortgage programs may help you eliminate or reduce your monthly payment, consolidate debt and convert equity you have in your home to cash. Give us a call for a free consultation to find out more. Learn More
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Get a Mortgage That’s Right for You
Home loans offered include fixed and adjustable rate options, FHA, VA, USDA mortgages and more.
Interest rates vary between loan types and we offer a variety of closing cost options to fit your needs.
FHA Loan
FHA loans help low-income and medium-income earners buy a home. You can access the loan with a low credit score and as little as 3.5% down.
VA Loan
VA loans help active members of the military, veterans and surviving military spouses purchase their primary residence. You don’t need a down payment to qualify.
Conventional Loan
A conventional loan can help you purchase a property without having to save for it in cash. We can help you find out if you are qualified.
