• 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.

• 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.

The HECM Refinance

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

• Fixed Rate or 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

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