Reverse Mortgage Mortgage Program

A reverse mortgage is a solution that can help you manage your financial burdens. Over 500,000 seniors (age 62 and older) have secured their retirement through the elimination of their mortgage payment and by receiving additional guaranteed monthly income through a reverse mortgage.

Unlike a traditional mortgage, with a reverse mortgage, you will not have a mortgage payment (You will still have to pay property taxes and insurance.) Even better, the income and credit requirements when it comes to qualifying for a reverse mortgage are not as stringent as a traditional mortgage. Most importantly, you still own your home and the title will remain in your name.

With a Reverse Mortgage, available funds are provided in a single payment, line of credit, or on a monthly schedule. Although there are appraisal and counseling fees, we can usually finance all closing costs so that you have zero out-of-pocket expenses. (Please note that financing closing costs will reduce the amount of available proceeds.) We have Reverse Mortgage Consultants in your area that are willing to meet with you to discuss your situation. Call us today to get started.

Reverse Mortgage Facts:

  • All borrowers must be 62 years of age or older.
  • The borrower never makes another mortgage payment while they live in the home (Except for Property taxes and insurance)
  • The reverse mortgage loan is repaid at permanent move-out.
  • In most cases, repayment never exceeds the current market value of the home upon loan maturity.
  • Interest is paid at the time the loan is repaid.
  • When the loan is due, your heirs have choices: They can repay the loan (e.g. refinance) and keep the house, or they can sell the home to repay the loan.
  • You can sell or refinance at any time without any penalties.
  • Social Security benefits and Medicare are generally not affected by a reverse mortgage. *
  • Typically, interest rates are adjustable and can change periodically. However, fixed-rate plans are also available.
  • The lender has no claim to a borrower’s income or assets (other than the home being pledged as collateral.)

Note: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

* Consult a financial advisor and appropriate goverment agencies to verify if obtaining a reverse mortgage may have an effect on your taxes, medical benefits, or other public assistance benefits.

Get Started Today: Call (949) 289-7410