What is a reverse mortgage?
You’ve invested years in your home, now discover the rewards! A reverse
mortgage is a type of home equity loan for senior homeowners that may
allow you to convert some of the equity in your home into cash while you
retain homeownership. Instead of making monthly mortgage payments like a
traditional home loan, Reverse Mortgages are paid back in one lump sum
when the borrower no longer resides in the home.
A refinance or Reverse Mortgage for purchase is often decided upon with
input from family members and financial professionals, such as a CPA or
Attorney, to ensure that if fits your current and future financial
plans. Our loan officers specializing in Reverse Mortgages understand
the importance of working with everyone involved in the process and are
dedicated to helping you make the right decisions for your specific
Can I qualify for a reverse mortgage?
Qualified applicants must be at least 62 years old and occupy the home
as their primary residence. There are no employment or health
requirements and you must meet financial eligibility criteria as
established by the HUD.
A Reverse Mortgage does require someone with experience, patience and
understanding to help you determine if your specific goals can be met
through one, so contact your local loan officer today.
How much is the down payment for a reverse mortgage?
Reverse Mortgages are a bit different than traditional mortgages and the
amount of money that you would be required to put down varies depending
on your situation.
You can pay for most of the costs of a HECM by financing them and having
them paid from the proceeds of the loan. Financing the costs means that
you do not have to pay for them out of your pocket. On the other hand,
financing the costs reduces the net loan amount available to you.