Reverse Mortgages

What Is A Reverse Mortgage?

Unlike a traditional mortgage, a reverse mortgage makes payments to you and grows larger over time. These customizable payments can improve your financial life by supplementing your monthly income, or can be issued as a lump sum to cover an unexpected bill. If you pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of your home. Even if the amount borrowed exceeds the value of your home, you or your heirs will never owe more than the value of your home. All proceeds in excess belong to your estate, which means they can be passed down to your heirs.

Let Your House Pay You
Reverse Mortgage Couple in Happy Home

Reverse Mortgages Are Good For:

If you own your home free and clear or you have very little mortgage principal outstanding, a reverse loan may be right for you. Reverse Mortgages are tax-free and can be paid in the following ways:
  • A Single Lump Sum of Cash
  • Regular Monthly Payments (One Borrower Lives and Occupies the Home)
  • Regular Monthly Payments for a Fixed Period of Time
  • A Line of Credit Paid at Your Discretion

There are no income, credit, or payment requirements to qualify for a reverse mortgage. You may be eligible even if you still owe money on a first or second mortgage, although the reverse mortgage must be the primary (first) lien against the property. Eligible properties include primary residences that are one to four-unit homes, qualified condominiums, or townhouses. Manufactured homes are eligible provided that they were built after June 1976 and are permanently affixed on ground owned by you. To be eligible for a Reverse Mortgage, you must: • Be 62 Years of Age or Older • Own a Property • Occupy the Property as Primary Residence

Our reverse mortgage loans require no repayment as long as your home is your principal residence and you fulfill the borrower’s obligations, such as maintaining the property and paying your property taxes. You pay the money back plus interest when you sell or permanently move out of your home or when you (or the last remaining spouse) pass away. Remember that the amount owed will never exceed the value of your home. If the sales proceeds are greater than the amount owed on the reverse mortgage, the excess money goes to you or your estate.

Valuation. The amount of money you can get from a reverse mortgage depends on the age of the youngest borrower, the appraised home value, and your location. In general, the older you are, the more valuable your home, and the less you owe on it, the more money you can get.
Implications. Reverse mortgage funds are tax free and do not affect regular Social Security or Medicare Benefits. However, if you receive a lump sum payment, any amount that you retain the month after you receive the payment counts as a resource. This could affect your Medicaid eligibility, so you may want to consult a Medicaid expert.
Counseling. Before applying for a reverse mortgage, you must call or meet with a counselor who can teach you about reverse mortgages. Make sure you are using an approved lender and offer alternatives depending on your situation. To reach an AARP-approved telephone counselor, call 800-209-8085.

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Secure your Reverse Mortgage At One of Our Branches

With licenses across the country and local branches right in your neighborhood, you’ll find it stress-free to trust us with your home financing. All of our Loan Officers are federally licensed. Talking to a licensed Loan Officer is the first step to getting the right mortgage loan. Everyone has different loan needs and your Loan Officer will ask all the right questions in order to best match you with the right loan and monthly payment. Personalized Help. The Loan Officer will also explain all the steps – from getting started, to locking in your low rate, to closing your loan. Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source.

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