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Reverse Mortgage Loans

2015 UPDATES - Reverse Mortgage Loans (HECM) for Purchase

  • Move to a 50+ community with no mortgage payment
  • Relocate closer to children and grandchildren


Why a Reverse Mortgage Loan?

  • All cash benefits are tax free
  • Peace of mind
  • Travel flexibility
  • Home repair income


What is a Reverse Mortgage Loan?
A reverse mortgage loan is a special type of mortgage that enables you, as a home owner, to tap the equity you have in your home while giving you the maximum amount of flexibility to address your particular financial needs.

It is known as a "non-recourse loan," which means the borrower will never owe more than their home's appraised value at the time the loan matures. The loan does not become due until the last owner/borrower ceases to occupy the home as a primary residence.

With a reverse mortgage loan, you borrow against the value of your home and receive loan proceeds according to the payment plan which you select. As a borrower, you are permitted to change payment plans at any time after loan origination date, as many times as you wish.

For example, you can receive a lump sum to pay an unexpected hospital bill or a opt for a stream of regular payments to supplement your monthly income. Unlike traditional home equity loans, no repayment of the loan is required until you no longer occupy the home as your principal residence. At that point, the accrued interest plus what the lender has lent you through the years is due.

Who Qualifies for a Reverse Mortgage Loan?

  • You must be age 62 or older and occupy the property. The deed does not have to be in your name, please call us for details about this.
  • You can own other properties, including a vacation home, as long as the property the reverse mortgage is on is your primary residence.
  • You must live in the home for at least one month each year and it must be your primary residence.
  • The home must be owned free and clear or only a small remaining balance (mortgage) exists. (The reverse mortgage may be used to pay off the balance on an existing loan).
  • The home must be one of the following types: single family home, condominium or townhouse, duplex, triplex or 4-plex where you live in one of the units. Second homes and non-permanent mobile home don't qualify.


NOTE: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

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