Learn more about Reverse Mortgage requirements & features.

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About Reverse Mortgages

  • A reverse mortgage can be used to refinance or purchase a primary residence.
  • You retain the Title & Ownership of the home.
  • Payments can be made, but no monthly mortgage payment is required.
  • The reverse mortgage must pay off any existing mortgage(s) on your property.
  • You can convert home equity into a growing line of credit, term or life payments or receive one lump sum drawl.
  • Proceeds from the loan can be set aside to pay future property taxes and homeowners insurance.
  • You can sell your home at anytime, or pay off the loan with no prepayment penalty.
  • You must continue to maintain your home and stay current on property taxes, homeowners insurance & any association fees.

Who is Eligible

  • The primary borrower must be 62 years of age, a non-borrowing spouse maybe younger.
  • The home must meet FHA, HUD or Jumbo guidelines.
  • You must have sufficient home equity.
  • You must meet the financial assessment requirements.

Available Programs

The HECM Refinance

Designed for homeowners with sufficient home equity in their primary residence.

  • Fixed or a adjustable rate based on the LIBOR (London Inter-Bank Offered Rate).
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on the FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan features selected.
  • No monthly mortgage payment is required, but payments can be made.

The HECM Purchase

Designed to help seniors purchase a new primary residence with funds from a reverse mortgage loan.

  • Must have a sufficient cash down payment for the property.
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected..
  • No monthly mortgage payment is required, but payments can be made.

Then JUMBO Reverse Mortgage 

Designed for high value properties that may not meet FHA or HUD guidelines. 

  •  Fixed rate program only
  •  Refinance or Purchase options available
  •  Please contact us for more information about our JUMBO program guild lines

Loan Disbursements

Fixed rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds

Adjustable rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds
  • Line of Credit – Access the equity in your home at your convenience
  • Monthly Payment – Get a monthly payment for a set term or for life

Disbursements that may be required..

  • Mortgage Payoff – loan proceeds used to payoff any existing mortgage
  • Life Expectancy Set-Aside– Loan proceeds used to pay future property taxes and Homeowners Insurance if a borrower does not meet the Finance Assessment requirement

Important: (1)Loan proceeds are not taxable as income; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms. 

How a Reverse Mortgage Works

  • A reverse mortgage can be used to refinance or purchase a primary residence.
  • You retain the Title & Ownership of the home.
  • Payments can be made, but no monthly mortgage payment is required.
  • The reverse mortgage must pay off any existing mortgage(s) on your property.
  • You can convert home equity into a growing line of credit, term or life payments or receive one lump sum drawl.
  • Proceeds from the loan can be set aside to pay future property taxes and homeowners insurance.
  • You can sell your home at anytime, or pay off the loan with no prepayment penalty.
  • You must continue to maintain your home and stay current on property taxes, homeowners insurance & any association fees.

Who is Eligible

  • The primary borrower must be 62 years of age, a non-borrowing spouse maybe younger.
  • The home must meet FHA, HUD or Jumbo guidelines.
  • You must have sufficient home equity.
  • You must meet the financial assessment requirements.

Program Features

The HECM Refinance

The Home Equity Conversion Mortgage is available for homeowners with a eligible primary residence.

  • Fixed or a adjustable rate based on the LIBOR (London Inter-Bank Offered Rate).
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on the FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected.
  • No monthly mortgage payment is required, but payments are aloud.

The HECM Purchase

Designed to help seniors purchase a primary residence with funds from a reverse mortgage loan.

  • Must have a sufficient cash down payment for the property.
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected..
  • No monthly mortgage payment is required, but payments are aloud.

Then JUMBO Reverse Mortgage 

Designed for high value properties that may not meet FHA or HUD guidelines. 

  •  Fixed rate program.
  •  Refinance or Purchase. 
  •  Please contact us for more information about our JUMBO program.

Loan Disbursement Options

Fixed rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds

Adjustable rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds
  • Line of Credit – Access the equity in your home at your convenience
  • Monthly Payment – Get a monthly payment for a set term or for life

Disbursements that may be required..

  • Mortgage Payoff – loan proceeds used to payoff any existing mortgage
  • Life Expectancy Set-Aside– Loan proceeds used to pay future property taxes and Homeowners Insurance if a borrower does not meet the Finance Assessment requirement

Important: (1)Loan proceeds are not taxable as income; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms. 

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