About Reverse Mortgages

Reverse Mortgages May Provide Powerful Retirement Tools For Homeowners 62 And Older

Happiness may result from a reverse mortgage

Harnessing the power of a HECM (Home Equity Conversion Mortgage) reverse mortgage loan may help solve common challenges faced by senior Americans just like you! You have worked hard your whole life and only you know what it has taken to get here. You finally reached that point where you can relax and enjoy your retirement. 

If, like many other homeowners, age 62 or more,  you find your financial resources falling short of expectations, there may be great news for you. Whether you’re looking to pay off bills, purchase a new home, or convert your equity into additional income to enjoy your retirement, the HECM loan may be the answer for you.

If you qualify, the proceeds of a HECM reverse mortgage loan can be used for a variety of purposes.  

  • Supplement retirement income
  • Cover medical expenses
  • Make home repairs or improvements
  • Pay in-home care
  • Vacations and more

Borrowers are not restricted on how the funds can be used, provided they pay their property taxes, homeowners insurance and maintain the home throughout the life of the loan. Additionally, mortgage insurance is required and the borrower bears responsibility for payment.

That being said, you may have heard or seen advertisements that say something like “The bank can never take your home”  but nothing could be further than the truth…foreclosure is possible if the borrower defaults on any requirements or fails to comply with the loan conditions set forth by HUD. 

Give us a call to schedule an in-home consultation or just find out what you qualify for.

(800) 779-1020

Important Disclosure

(1) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.

5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan

1

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.

2

Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.

3

The loan balance grows over time and interest is charged on the outstanding balance.

4

The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.

5

Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.