Reverse Mortgage Loans
Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. Instead of making monthly payments to a lender, the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit, or a combination. If you're aged 62 or older and own your home, you might be eligible for a reverse mortgage loan.
How Reverse Mortgage Loans Work
A reverse mortgage loan allows seniors to draw upon the equity in their homes without the burden of monthly mortgage payments. The money you receive is dependent on your age, the value of your home, and current interest rates.
Key Advantages
One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence, you fail to maintain the home, or fail to pay property taxes and homeowner's insurance, or do not otherwise comply with the terms of the loan.
Who Benefits Most?
Typically, those who benefit most from a reverse mortgage loan are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes. This federally insured HECM reverse mortgage loan can help you unlock that equity by increasing your monthly cash flow.
Qualification Requirements
To qualify for a reverse mortgage loan, you must:
- Be 62 years of age or older
- Own your home (the property must be your primary residence)
- Have sufficient equity in your home
- Meet with a HUD-approved counselor
- Property types typically include single-family units and HUD-approved condominiums
Safety and Protection
Rest easy knowing you're protected with a federally insured reverse mortgage. You can access the equity in your home and stay in your home as long as you want, while receiving an annuity-like stream of cash flow for as long as you remain in the home and comply with loan terms.
Contact one of our professionals today to find out if you have enough home equity to make a reverse mortgage loan a good decision for you. We'll help you understand the process and determine if this solution is right for your retirement planning needs.
No Monthly Payments
Lender pays you - no monthly mortgage payments required
Stay in Your Home
Remain in your home as long as you comply with loan terms
Flexible Payment Options
Choose lump sum, monthly payments, line of credit, or combination
A reverse mortgage loan is designed to allow seniors to draw upon the equity in their homes. You can receive proceeds as a lump sum, monthly installments, line of credit, or combination, providing cash flow even after retirement.
A reverse mortgage allows you to access the equity you've built in your home. It's ideal for those who plan to stay in their homes for an extended period and have built decent equity in their homes.
To qualify for a reverse mortgage, you must:
- Be at least 62 years old
- Own your home outright or have significant equity
- Live in the home as your primary residence
- Meet financial responsibility requirements (ability to pay taxes, insurance, and maintenance)
- Complete HUD-approved counseling
The amount you can borrow depends on your age, home value, and current interest rates. Older borrowers and higher home values typically qualify for larger loan amounts.
Contact us today for a free estimate.
The loan becomes due when you pass away, sell the home, no longer use it as your primary residence, or fail to pay property taxes, homeowner's insurance, or otherwise comply with loan terms.
Federally insured HECM reverse mortgages are designed with consumer protections. You can stay in your home, and the mortgage insurance guarantees you'll never owe more than your home is worth.
Costs include origination fees, appraisal fees, mortgage insurance premiums, and closing costs. The specific amounts depend on your home's value and the loan terms you select.
Looking for a Reverse Mortgage Loan?
You've worked hard to pay the mortgage on your home. With a reverse mortgage loan, you can receive a portion of the equity that you earned. A federally insured HECM reverse mortgage loan can help you unlock that equity and provide financial flexibility during your retirement years.