Reverse Mortgage Loans

Benefits of Reverse Mortgage

reverse mortgage

What is a reverse mortgage?

A reverse mortgage is a special type of home equity loan sold to homeowners aged 62 and older. The loan allows homeowners to access a portion of their home equity as cash. In a reverse mortgage, interest is added to the loan balance each month, and the balance grows. The loan must be repaid when the last borrower, co-borrower or eligible spouse sells the home, moves out of the home, or dies.

Most reverse mortgages today are called Home Equity Conversion Mortgages (HECMs). HECMs are federally insured.



How does a reverse mortgage work?

After years of paying down your mortgage, you have built up equity (the amount your property is worth today minus the amount you owe on your mortgage and any home equity loan or line of credit) in your home. With a reverse mortgage, you borrow against your equity. The loan balance grows over time. You don’t have to pay back the loan while you or an eligible spouse live in the home, but you still have to pay taxes, insurance, and maintain the home. When both you and any eligible spouse have passed away or moved out of the home, the loan must be paid off. Most people need to sell their home to pay off the loan. But, neither you nor your heirs will have to pay back more than your home is worth.




Refinance or purchase a new home- the choice is yours!

For years, reverse mortgage loans have allowed older homeowners to convert part of the equity in their homes into cash, without having to sell their homes or take on additional monthly debt payments. Recently, the option to purchase a new home has been added to the benefits and features of the HECM program. Today, reverse mortgage loans have become increasingly popular as a financial longevity tool, but good information can be difficult to find. Our company has devoted our resources to educating homeowners about this powerful product. Our dedicated professionals will work very hard to assist you with the "right fit" reverse mortgage product that will suit your specific needs.

Today’s senior homebuyers now have access to a powerful traditional mortgage alternative when considering the purchase of a new primary residence. Imagine purchasing a new home and no monthly payment* is required! The safe, secure, government-insured Home Equity Conversion Mortgage for purchase (H4P) allows for use of the loan proceeds and your down payment to purchase the new home you’ve been thinking about in one single transaction!


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