Reverse Mortgages


Reverse Mortgages can be a great for older persons to use the equity in their homes to help support a comfortable retirement.  For many persons over the age of 62, the equity in their home is equal to or greater than their retirement savings.

Using a Reverse Mortgage to pull the equity out of their home may be the best option for many retired people.

Some important things to understand about Reverse Mortgages are as follows:

  •  All applicants must be 62 or older.

  •  Credit History is not a factor in loan approval.

  •  Your benefit is determined by the value of your home and your actuarial life expectancy. Once the loan is funded your benefit is guaranteed for life, no matter how long you live.

  •  You do not have to own your home "free and clear" to receive a Reverse Mortgage

  •  Your income is not a factor in your approval.

  •  Property must be in lendable condition.

  •  Existing Mortgages - Back Taxes - Other Liens and Consumer debt can be paid from the Reverse Mortgage loan proceeds.

  •  Benefit options for a Reverse Mortgage include Monthly Income, A Lump Sum of Cash at closing, A Line of Credit or a combination of the above.

  •  A Pest Control Inspection and Clearance is required before being approved for a Reverse mortgage.

  • With a Reverse Mortgage  you retain control of your property. You can sell your home or pay off your reverse mortgage at any time. You or your heirs will retain any equity remaining in the property.

  •  You can not outlive a Reverse Mortgage. Your benefit is guaranteed for as long as you live.

  •  You must obtain a Counseling Certificate from an independent 3rd party before applying. H.U.D. & F.H.A. want you to understand the process before you apply. This is also a fraud prevention measure. HUD/FHA does not want Senior Citizens to be taken advantage of by Con Men.

  •  There are 3 types of Reverse Mortgage. FHA insured, Fannie Mae Conforming and "Jumbo" We provide all three.

  •  There are no "Application Fees" on a Reverse Mortgage. If you are asked for money up front by any lender be very wary.

  •  Most owner occupied properties qualify including: Single Family Detached, Condo's, Town Homes, Manufactured on permanent foundations sited on land you own, Duplex, triplex and 4-plex as long as you occupy 1 unit.

  • As with any large finance decision, you should always compare Reverse Mortgage offers from more than one source before completing the transaction.

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