REVERSE MORTGAGE
Loans
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Why should you consider a reverse mortgage?
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit.
WHAT IS A REVERSE MORTGAGE?
Reverse Mortgage is a safe loan program solution that allows borrowers ages 62 years and older to access a portion of their home’s acquired equity, while eliminating monthly mortgage payments
The most common type of reverse mortgage is the Federal Housing Administration‘s highly regulated and federally backed and insured Home Equity Conversion Mortgage, also known as HECM.
Borrowers must meet the following qualification requirements:
- Must be 62 years or older (one borrower may be younger)
- Must Own and Reside in the home as primary residence
In addition to basic qualification requirements, borrowers must complete the required reverse mortgage counseling with an approved counseling agency. Borrowers are required to complete a financial assessment to confirm their ability to maintain obligations of the loan, such as continuing to pay the property’s taxes, insurance(s), homeowners association dues (if applicable) and upkeep.
What are the Advantages of a Reverse Mortgage?
Remain in Your Home
Age comfortably in Place in your own home
Pay Off Existing Mortgage
with no monthly mortgage payments*
Gain Access to USEABLE CASH
with Line of Credit Option
Growing Line of Credit
Cash set aside that’s accessible when you NEED IT
a Non-Recourse Loan
Federally Insured, Low Risk Program. Never Owe More than Property’s Worth.
Easy Qualifying Process
Minimal Income and Credit Scores Are Required*
*Borrowers Subject to Financial Assessment Process
NO MONTHLY Mortgage Payments
Borrower Must Maintain Property’s Taxes, Insurance(s) and Upkeep.
Variable Payout Options
LOC, Tenured or Lump Sum Payment
WHAT IS A REVERSE REFINANCE?
A reverse refinance, also known as a HECM to HECM, is a refinancing of an existing HECM loan. Borrowers can choose to refinance into a new reverse mortgage loan with no monthly mortgage payments required.
Reasons borrowers might benefit from a reverse mortgage refinance:
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- Home Appreciation – greater access to home’s equity
- Greater access to equity via FHA‘s newest lending limit – increased nationally to $1,089,300
- Potential Rate benefits
- Program changes
- Add a spouse to the loan
- National lending limit increase (determined by FHA)
*Five times benefit rule applies. Loan proceeds made available to borrowers must equal or exceed five times loan costs/refinancing fees. Inquire to learn more.
*Borrower(s) must reside in-home as their primary residence. The property’s taxes, insurance(s), homeowner’s association fees (if applicable) must remain current and upkeep must be maintained. Repayment is not required until the last remaining borrower (or eligible, non-borrowing spouse) no longer resides in the home. Reverse mortgage is a mortgage loan and proceeds are not considered income. Consult your financial advisor.
