Through U.S. government sponsored programs, a senior (over 62) can obtain a FHA guaranteed loan for approximately 50%-80% of the equity in their home at the low interest rate of 3.19% - 4.50%... and the senior never has to repay the loan in their life time. The only requirements are:  you must be 62 or older and the home must be your primary residence. That's it – no other requirements. Typically, seniors who get a reverse mortgage get $50,000 - $180,000 cash today and they always retain 100% ownership (and the future appreciation) in their home.

If your home currently has a mortgage on it, a reverse mortgage will pay-off the existing loan-with the benefit being that the monthly payment on the existing loan goes away. Additionally, it's possible you will also receive a substantial amount of cash as well.

Repayment

The loan is not due and payable until the borrower no longer occupies the home as a principal residence i.e.- the last surviving borrower sells, moves out permanently, or passes away.

Who Qualifies

You must be at least 62 and own your own home or condominium in order to qualify for a reverse mortgage. There are no income or credit requirements to qualify. Based on your home's appraised value, you may be eligible for a reverse mortgage even if you still owe money on your first mortgage or have a home improvement loan.

Types of Reverse Mortgages

There are several types of reverse mortgage loan products available, the FHA, HECM (Home Equity Conversion Mortgage), Fixed Rate and Fannie Mae HomeKeeper.  We also offer proprietary reverse mortgages for high value homes ($300,000 - $5,000,000) with no lending limit, giving you the most money avaliable. Another benefit of these loans is that they are "non recourse" which means that no matter how high the loan balance grows, you nor your heirs ever owe more than the home's market value.

Use of Proceeds

Your TAX FREE proceeds from a reverse mortgage can be used for anything:

daily living expenses; home repairs and home improvements; medical bills and prescriptions; pay-off of high interest credit cards; education; travel; long-term health care; retirement and estate tax planning; other needs you may have.

Options For Money Received

The proceeds from a reverse mortgage are available as a line of credit, a lump sum or fixed monthly payments for as long as you live in your home.

Amount You Can Receive

The amount of money that you will qualify for depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, and current interest rates. As a general rule, the older you are and the greater your equity, the more money you will receive. 

Costs of a Reverse Mortgage

The costs associated in obtaining a reverse mortgage are similar to those of a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs can be financed as part of the mortgage. All fees are capped by the U.S. Government so there is no price gouging or discrimination.

Required HUD Counseling

Your first step, once you decide a reverse mortgage makes financial sense for you, is to complete reverse mortgage counseling. This may be done either in person or over the phone and we will help you with this.

    It’s time your home paid you back!

Line of Credit Now Available! 
Fixed Rate Reverse Mortgages Now Available!