Reverse Mortgage

The federally insured Home Equity Conversion Mortgage (HECM) is the most popular type of reverse mortgage on the market today and was created in order to make it easier for people over 62 years of age to access the equity in their home.

The HECM allows homeoners to stay in their homes as lons as they wish without making a monthly mortgage payment, as long as homeowner’s insurance and taxes are kept current and the home is kept in good condition.  The HECM elimiates monthly mortgage payments and can also be used to receive additionla funds.  The additionla funds will depend on the equity the individual has in their home and their age.  There are no restrictions on what can be done with the additional funds from a reverse mortnge pnce the funds have been disbursed.  The HECM becomes due only once none of the original borrowers live in the home, if taxes and insurance become delinquent or if the property is not well maintained.


– The youngest borrower must be 62+
– You need to have adequate equity in your home
– Your home must be in good condition
– The property must be your primary residence
– You cannot be in an open bankruptcy (filed but not discharged)
– You must pass CAIVRS check
– You must attend reverse mortgage counseling and get certificate of completion before you can apply for your loan
– The amount you will receive from your Reverse Mortgage depends on several factors such as the amount of your home’s current appraised value, existing interest rates, and the age of the youngest borrower.

The reverse mortgage helps seniors benefit until:

* The last borrower passes away.
* The home is no longer the borrower’s primary residence.
* The home is sold.
* The borrower(s) transfer the title of the property to someone else.

How a Reverse Mortgage Can Help You

* You make no payment on the mortgage as long as you reside in your home.
* There are no restrictions on how you use the proceeds from your Reverse Mortgage.
* You will retain ownership of your home.
* You pay no taxes on the proceeds from the Reverse Mortgage.
* The FHA Reverse Mortgage is a Federally insured program.
* There are many flexible payment options available to you.