Access the Equity in Your Home
A reverse mortgage, also referred to as a home equity conversion loan, is a financial instrument that allows seniors to access the equity in their home without income or credit qualifications. You must be 62, live in your own home, and have equity in it.
No Payments
The important distinction between a reverse mortgage and a conventional mortgage is that there are no principal or interest payments required on the home while you occupy the property. In the case of two borrowers being on title, should one permanently leave the property due to a death or hospitalization, the other borrower continues to remain in the home. Repayment is only required if you sell the home, or move out of the property for more than 365 consecutive days. For more information, a great online primer on reverse mortgages is Wikipedia.
Customized Solutions
We offer a vast array of FHA-insured Home Equity Conversion Mortgage (HECM) product and pricing options, allowing us to create a customized solution to match your specific needs. Below please find some of our products and programs. I’d be happy to answer any questions you have – please give me a call.
HECMs
Available to homeowners age 62 and older whose primary residence is a house, townhouse, FHA-approved condominium or manufactured home that meets certain requirements. We offer a full suite of flexible options to meet a variety of needs, including fixed and adjustable rates.
HECM for Purchase
This home financing option can make it easier and more affordable to buy a home that better fits your life. It offers no monthly mortgage payments, plus the ability to include an optional “standby” line of credit, all in one loan.
Refinancing
You can use an HECM to refinance a traditional mortgage, in order to eliminate monthly mortgage payments and improve cash flow. We also offer HECM-to-HECM refinancing, which can help some Reverse Mortgage borrowers reduce their interest rate or access more home equity.
Equal Housing Lender
No statement on this website is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the house to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Terms of the loan may be subject to payment of points and fees by the applicant. NMLS# 3116