Reverse Mortgage

A reverse mortgage is a great tool for specific seniors.

If you are 62 years of age or older with sufficient home equity you may be able to pay off your present mortgage and debts with the possibility of even receiving monthly income. You always retain ownership to your home and can still will it to your heirs.

This program is dependent on your home equity so you may qualify even if you cannot verify your income, assets and have less than perfect credit. There are several different ways in which we can structure one of these loans to suite your specific needs.

Revers Mortgage VS Bank Home Equity Loan

With a traditional second mortgage, or a home equity line of credit, you must have a sufficient debt to income ratio to qualify, and you are required to make monthly mortgage payments. The reverse mortgage is different because it pays you, and is available regardless of your current income.

The amount you can borrow depends on:

Generally, the more valuable your home is, the older you are, the lower the interest, the more you may borrow.

With a reverse mortgage, you don’t make monthly principal and interest payments, the lender pays you according to the payment plan you select. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”