Reverse Mortgage

A Reverse Mortgage is also known as a HECM ( Home Equity Conversion Mortgage)

What is a Reverse Mortgage?

A loan allowing those 62+ years or older to age in place by accessing a portion of their equity

  • Borrower receives proceeds in lump sum, line of credit, monthly payments or combination
  • FHA insured, non-recourse loan
  • Repayment is deferred- No monthly mortgage payments
  • Available as purchase
  • Amount available is based on age, interest rate, home value (up to $687,650) and a factor set by the FHA.

Benefits:

  • Increased Cash Flow
  • No repayment of loan until last borrower moves out, sells or passes way, as guaranteed by the Federal Housing Administration (FHA)
  • No penalty for early payment
  • Americans age 62+
  • 50% or greater equity in the home
  • Resides in subject property

Who is a Reverse Mortgage For?

  • Americans age 62+
  • 50% or greater equity in the home
  • Resides in subject property

Who is eligible for a reverse mortgage?

  • All borrowers must be at least 62 years of age
  • Must have sufficient equity
  • Must pass financial assessment
  • Must be primary residence- no second homes, vacation homes, etc.
  • All borrowers must attend reverse mortgage counseling

Loan Options

Resources
Rapid Rate Quote
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