Reverse Mortgages

• No Stress of Monthly Payments: Access your home equity without putting yourself under the financial stress associated with a typical cash-out refinance or home equity line of credit
• Line of Credit or Lump Sum:  Access your equity in the form of a lump sum or in a line of credit on which you can draw
• Non-recourse Loan:  Your loan only has to be repaid when your property is sold, you vacate your property, or you pass away
• No Debt Assigned to Your Heirs: In the event of your passing, your family is given a period of time to pay off your loan or sell your home.  In addition, your family members/heirs are given the opportunity to buy your property for 95% of the appraised value, even if the house is worth less than the amount owed
• Age in Place:  Avoid being forced out of your home for financial reasons before you want to leave

• No FICO qualification
• No traditional debt-to-income qualification (however, borrowers must demonstrate a willingness and capacity to pay basic obligations such as property taxes, hazard insurance etc.)
• Borrowers must be 62 years of age or older
• Borrowers must qualify to pay taxes, insurance, or HOA if applicable
• You can own your home outright, or have a low balance on your mortgage that can be paid off at closing with proceeds from the reverse loan
• The borrower must have financial resources to pay ongoing property taxes, HOA dues and other associated property fees
• Before obtaining this type of loan, all borrowers and non-borrowing spouses must receive independent counseling

The types of Reverse Mortgages include:

Fixed/Adjustable Interest Rate Loans – Fixed interest rate and an adjustable interest rate programs available (a fixed interest rate is only available with the lump sum payment option)

Purchase Loans – Enables a borrower to purchase a principal residence while (1) funding less than the purchase price with their own cash, AND (2) having no mortgage payment after closing.

Refinance Loans– Enables a borrower to convert one HECM loan into another HECM loan, potentially to access more cash or lock in a lower interest rate.

Lump Sum/Credit Line/Monthly Installment Funding – Receive money as a line of credit, monthly installments, lump sum, or in the form of a retirement of an existing mortgage.

• No Stress of Monthly Payments: Access your home equity without putting yourself under the financial stress associated with a typical cash-out refinance or home equity line of credit
• Line of Credit or Lump Sum:  Access your equity in the form of a lump sum or in a line of credit on which you can draw
• Non-recourse Loan:  Your loan only has to be repaid when your property is sold, you vacate your property, or you pass away
• No Debt Assigned to Your Heirs: In the event of your passing, your family is given a period of time to pay off your loan or sell your home.  In addition, your family members/heirs are given the opportunity to buy your property for 95% of the appraised value, even if the house is worth less than the amount owed
• Age in Place:  Avoid being forced out of your home for financial reasons before you want to leave

• No FICO qualification
• No traditional debt-to-income qualification (however, borrowers must demonstrate a willingness and capacity to pay basic obligations such as property taxes, hazard insurance etc.)
• Borrowers must be 62 years of age or older
• Borrowers must qualify to pay taxes, insurance, or HOA if applicable
• You can own your home outright, or have a low balance on your mortgage that can be paid off at closing with proceeds from the reverse loan
• The borrower must have financial resources to pay ongoing property taxes, HOA dues and other associated property fees
• Before obtaining this type of loan, all borrowers and non-borrowing spouses must receive independent counseling

The types of Reverse Mortgages include:

Fixed/Adjustable Interest Rate Loans – Fixed interest rate and an adjustable interest rate programs available (a fixed interest rate is only available with the lump sum payment option)

Purchase Loans – Enables a borrower to purchase a principal residence while (1) funding less than the purchase price with their own cash, AND (2) having no mortgage payment after closing.

Refinance Loans– Enables a borrower to convert one HECM loan into another HECM loan, potentially to access more cash or lock in a lower interest rate.

Lump Sum/Credit Line/Monthly Installment Funding – Receive money as a line of credit, monthly installments, lump sum, or in the form of a retirement of an existing mortgage.