What is a reverse mortgage?
You’ve invested years in your home, now discover the rewards! A reverse mortgage is a type of home equity loan for senior homeowners that may allow you to convert some of the equity in your home into cash while you retain homeownership. Instead of making monthly mortgage payments like a traditional home loan, Reverse Mortgages are paid back in one lump sum when the borrower no longer resides in the home1.
A refinance or Reverse Mortgage for purchase is often decided upon with input from family members and financial professionals, such as a CPA or Attorney, to ensure that if fits your current and future financial plans. Our loan officers specializing in Reverse Mortgages understand the importance of working with everyone involved in the process and are dedicated to helping you make the right decisions for your specific goals.
Can I qualify for a reverse mortgage?
Qualified applicants must be at least 62 years old and occupy the home as their primary residence. There are no employment or health requirements and you must meet financial eligibility criteria as established by the HUD.
A Reverse Mortgage does require someone with experience, patience and understanding to help you determine if your specific goals can be met through one, so contact your local loan officer today.
How much is the down payment for a reverse mortgage?
Reverse Mortgages are a bit different than traditional mortgages and the amount of money that you would be required to put down varies depending on your situation.
You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.