Tap into your home Equity with no monthly mortgage payments make home equity work for you*

*As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.

What Is a Reverse Mortgage?

A reverse mortgage is a loan insured by the Federal Housing Administration (FHA), which is also called a HECM. It is a home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. 

Why do Borrowers choose a Reverse Mortgage?

Borrowers choose a reverse mortgage because it allows them to remain in their homes, as long as they meet the loan terms, and provides funds that can be an addition to their retirement income.

                                                                                                                                                                      

Eliminate Monthy Mortgage*                                                                           Access Cash                                                                                                                Stay in your home

                                                                                                                  Pay off Credit cards, medical,                                                                                          You can afford to stay in 

                                                                                                                  other bills. Pay for expenses                                                                                             the home you love.*

                                                                                                                   and home improvements.     

*As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.

Why is a Reverse Mortgage a good idea and who is it good for? 

Home Buyer: Looking to downsize and retire? You can purchse your new home with a reverse purchase loan. Buy your dream home without having any mortgage payments*

Looking into Retiring?: Eliminate your mortgage payments, access cash from your home equity and enjoy your retirement with ease.*

Planning for the future: You can turn your home’s equity into monthly payments to supplement income and still live the way you want. 

How a Reverse Mortgage Works:

A reverse mortgage works much like a traditional mortgage, except in reverse. Instead of the homeowner paying the lender each month, the lender pays the homeowner. As long as the homeowner continues to live in the home, no repayment of principal, interest, or servicing fees are required. The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house.

As a non-recourse loan, the borrower will never owe more than the house is worth. If the loan balance exceeds the home’s value, the Federal Housing Administration (FHA) will cover the difference.

The borrower must continue to pay property taxes homeowner’s insurance, HOA fees and must keep the house in good repair.

The amount you can borrow depends on your age, property value, and interest rate. The older you are, the more equity you’ll have access to.

The funds received from a reverse mortgage may be used for anything, including housing expenses, taxes, insurance, fuel or maintenance costs.

Who Qualifies for a Reverse Mortgage?

You must own your home and it must be your primary residence.

You must be 62 years old. 

Reverse Mortgage Faqs: 

You must complete Reverse Mortgage counseling with an independent counseling agency that is approved by HUD. 

If you have a spouse that is younger than 62 they can qualify to be a non-borrowing spouse. If the borrower leaves the home or passes away the non-borrowing spouse may remain in the home as long as they meet all loan obligations.* 

*As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.

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