A home loan designed for people 62 & over...
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Learn More about how reverse mortgages work..
Read more about the program.
A reverse mortgage is a type of home loan for those 62 and older that can be used to refinance or purchase a primary home. With a reverse mortgage the Homeowner retains title and ownership of the property. As the homeowner, you are still responsible for maintenance of the property, property taxes & homeowner’s insurance payments and any HOA or condominium dues.
Unlike other mortgage loans, reverse mortgages do not require a monthly mortgage payment, but payments can be made at any time. Over time the loan balance increases as interest & mortgage insurance payments accumulate. If you decide to pay off your reverse mortgage, there are no prepayment penalties.
The most popular type of reverse mortgages is known as Home Equity Conversion Mortgages (HECMs), they are a Federal Housing Administration (FHA) loan that’s insured by the federal government.
Who qualifies for a reverse mortgage?
To be eligible for a Reverse Mortgage;
- You must be 62 years of age or older, a spouse can be younger.
- The home must be your primary residence
- Have sufficient equity or down payment if purchasing a home
- You must meet the financial assessment requirements
What types of homes are eligible?
To be eligible for a reverse mortgage, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. Condominiums and manufactured homes that meet FHA requirements are also eligible.