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Reverse Mortgage Loans

Turn a portion of the equity in your home into cash

Retire in a Home that’s Right for You

A reverse mortgage can be used to turn a portion of the equity in your home into cash that may enhance and extend your retirement. If you currently have a mortgage, a reverse mortgage could eliminate your mortgage payment (taxes and insurance must still be paid, and the home maintained), and also allow you to access additional equity (over and above your mortgage balance).

You have spent many years putting your money into your home equity, and now with a reverse mortgage, you could be able to convert some of that equity into tax-free cash.*

Reverse Mortgage Eligibility

  • Borrower(s) must be 62 years or older
  • Must be homeowner and either own home outright or have significant equity; must live in home as primary residence (live there 6+ months per year)
  • Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
  • Must meet minimal credit and property requirements
  • Must receive reverse mortgage counseling from a HUD-approved counseling agency
  • May not be delinquent on any federal debts

Advantages of a Reverse Mortgage

Receive money from your home equity which is usually tax free.*

 A reverse mortgage can be used to turn a portion of the equity in your home into cash that can be used for many different purposes. You can receive your loan proceeds in a lump sum, line of credit, monthly cash flow payment or a combination of all three. However, if you choose a line of credit, you may have the option of paying down the line if you want to have less cash and increase your equity.

Eliminate your monthly mortgage payment.

With a reverse mortgage, you will not be required to make a monthly payment during your lifetime as long as you live in your home, pay taxes and insurance, and maintain the home (and pay HOA fees, if applicable). 

Pay for long-term care expenses.

With the proceeds from a reverse mortgage, you could purchase long-term care insurance to handle these expenses without losing your home in the process

Home Equity Conversion Mortgages (HECMs)

Federally-insured reverse mortgages backed by the U. S. Department of Housing and Urban Development (HUD). HECM loans enable you to withdraw a portion of your home’s equity and can be used for any purpose. How much you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including:

  • Your age
  • The type of reverse mortgage you select
  • The appraised value of your home current interest rates, and
  • A financial assessment of your willingness and ability to pay property taxes and homeowner’s insurance.

Home Equity Conversion Mortgage for Purchase (H4P)

This loan enables senior homebuyers to purchase a new primary residence that better suits their needs and obtain a reverse mortgage in one transaction. This Reverse could allow you to:

  • Build a new home
  • Relocate closer to family members
  • Downsize to a smaller home.

Call me and let’s find out together if a Reverse is the right option for you! 

* The information contained herein does not constitute tax advice. Please consult a tax advisor regarding your specific situation.