Reverse Mortgage Information
Learn more about reverse mortgages, for those 62 and over!
About Reverse Mortgages
- Reverse Mortgages can be used to refinance or purchase a primary residence.
- The Reverse mortgage must pay off any existing mortgage(s) on your property.
- You retain the Title & Ownership of the property.
- Payments can be made, but no monthly mortgage payment is required.
- Available Home equity can be converted into a line of credit that can grow, term or life payments or a lump sum drawl at closing.
- Available proceeds from the loan can be set aside to pay future property taxes and homeowners insurance.
- You can decide to 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’s Eligible to Apply?
- 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 meet the financial assessment requirements.
- You must complete HUD Counseling.
- You must have or contribute sufficient home equity.
Scheduling a Free Consultation
- Learn about reverse mortgages and how they work.
- Find out the amount you can qualify to receive.
- Discuss the options & benefits for your specific scenario.
- Receive a pre-counseling package with detailed loan comparisons, closing cost worksheet, amortization schedule, TALC – total annual loan costs and more!
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.
About Reverse Mortgages
- Reverse Mortgages can be used to refinance or purchase a primary residence.
- The Reverse mortgage must pay off any existing mortgage(s) on your property.
- You retain the Title & Ownership of the property.
- Payments can be made, but no monthly mortgage payment is required.
- Can convert available home equity into a line of credit that can grow, term or life payments or a lump sum drawl at closing.
- Proceeds from the loan can be set aside to pay future property taxes and homeowners insurance.
- You decide to 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’s Eligible to Apply?
- 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 meet the financial assessment requirements.
- You must complete HUD Counseling.
- You must have or contribute sufficient home equity.
Scheduling a Free Consultation
- Learn about reverse mortgages and how they work.
- Find out the amount you can qualify to receive.
- Discuss the options & benefits for your specific scenario.
- Receive a pre-counseling package with detailed loan comparisons, closing cost worksheet, amortization schedule, TALC – total annual loan costs and more!
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.
Information About Reverse Mortgages