Reverse Mortgage

Reverse mortgages are loans for clients 62 years old or older. We offer home equity conversion mortgages for seniors (HECM, Reverse Mortgage) Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. These are the only reverse mortgage insured by the U.S. Federal Government and are only available through an FHA approved lender.

Reverse mortgages are used to lower the overhead of seniors. Many people worked hard to pay off their home loans and are now equity rich and cash poor. A lot of peoples investments are making much less than expected this can be a tool that not only makes life easier but also helps seniors be able to afford and stay in their homes.

Here are some common misconceptions. The bank or government will own the home when a reverse mortgage is taken. The house must be debt free in order to qualify. The heirs incur the debt when the last surviving spouse passes. A reverse mortgage is only for those who are house rich but cash poor. The lender will sell my home when the reverse mortgage becomes due. A bankruptcy or foreclosure disqualifies the borrower. There are many misconceptions about reverse mortgages here are some quick facts. The loan is based on the age of the youngest borrower if there are co-signers.

  • Homeowners are required to get consumer counseling and education before a HECM loan is approved.

Must intend to occupy as Primary Residence

  • (occupy 6 months of the year)

Single family Homes, and FHA approved condos

  • 2-4 unit home, of which 1 unit must be occupied by the borrower

Can be used for a refinance or a purchase.

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