Convert your home equity to cash for a secure & comfortable retirement!
Reverse Mortgage Loans
Want to apply for the Home Equity Conversion Mortgages (HECMs)?
Choose how to use your money with our best reverse mortgage plans!
How Does Reverse Mortgage Work?
Retirement with no monthly mortgage payments!
Are you qualified for the Reverse Mortgage?
1. The borrower must be of at least 62 years.
2. Have a better credit score.
3. Should not be involved in federal debts.
4. Have a high income to maintain the property, pay bills, etc.
5. A reverse mortgage should be for the primary residence only.
6. Be able to bear ongoing & closing costs. (property taxes, HOA fees, utilities, and home insurance.)
For more details, Contact our local mortgage lender at (800) 562-6715!
Independent HUD counseling session.
Choose your loan plan.
Processing / Underwriting
Manage your Mortgage
Different types of Reverse Mortgages
Before you choose any reverse mortgage plan, it is essential to understand the #3 standard types of reverse mortgages:
Single-purpose reverse mortgage
Such mortgages are offered only in some states by the government & non-profit organizations. The borrower gets cash lending a part of their home equity for valid & approved reasons by the lender.
Proprietary reverse mortgages
This loan option is not supported by the government. The borrowers have to put down the home equity to get an amount that exceeds the federal loan limit.
Home Equity Conversion Mortgages
HECM loan is insured by the Federal Housing Administration (FHA) and comes with a pre-set limit. It can be used in different ways to get a lump sum amount, line of credit, or tenure.
How much can I get with a reverse mortgage?
loan limit in the initial first year of the reverse mortgage. Rest, the size of
monthly income you’ll get from a reverse mortgage depends on various factors such as
our reverse mortgage expert at(800) 562-6715 Check how much equity you can unlock!
FAQs about Reverse Mortgage
A reverse mortgage is a convenient retirement tool for senior citizens. It can be used in a number of ways:
- Additional Income: You can save or leverage the supplement income obtained through a reverse mortgage for monthly expenses.
- Social Security. Use the reverse mortgage line of credit to fill the gap until you turn 66. The benefit is tax-free income plus you don’t need to use your assets & 401(K) loan option.
- Financial Security: Senior citizens can rely on a line of credit to bear monthly expenses or any medical emergency when there is no other source of income, or seeking a job.
- Home Care: For those who prefer to stay at home after retirement, use the reverse mortgage to bear the expenses of caregiving.
- The borrower isn’t required to repay the principal loan amount & interest until the property is sold.
- The lender doesn’t have the right to freeze your property.
- Tax-free income.
- Leverage the additional income to bear the monthly expenses.
- Social & financial security for senior citizens.
There are three ways to end the reverse mortgage:
- Pay it back with cash or refinancing.
- Sell your home to pay it back.
- If you die, the property is sold to pay off the loan or your heirs can choose to refinance and pay the loan.
Don’t worry! The title of home remains with you. Keep in mind that Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration (FHA). Like conventional home loans, reverse mortgages use your home equity as security.