• A Reverse Mortgage is a loan secured by your home.

  • It must be your Primary residence.

  • Allows borrowers to access a portion of their equity tax free.

  • No payment required until the last homeowner moves, dies or sells.

  • Borrower maintains title of the home.

  • Borrower responsible for the property taxes and homeowner’s insurance.

  • The amount borrowers receive is determined by the HUD calculations.

  • Borrowers never have to make a monthly payment.

  • There is never a prepayment penalty.

 

HISTORY

Since 1989, the Home Equity Conversion Mortgage (HECM) for Seniors has been insured by the federal government through the Federal Housing

Administration (FHA), a division of the Department of Housing and Urban Development (HUD).

Since its inception, the reverse mortgage program has helped thousands of homeowners just like you to safely access a portion of the equity in their homes to better enjoy their retirement years.

IS A REVERSE MORTGAGE RIGHT FOR YOU?

Reverse Mortgage loans are not right for everyone. It may surprise you to hear a lender say this, but it is true.

  • If you are looking for a short-term loan you may be better suited for a different type of financing.

  • A reverse mortgage loan can sometimes require closing costs and upfront mortgage insurance premiums which would make it impractical as a short-term solution in some cases.

However, for those who wish to remain in their homes and need extra cash flow to do so, the Home Equity Conversion Mortgage may be exactly what you are looking for.