What is a Reverse Mortgage?
The most common type of reverse mortgage are loans insured by the Federal Housing Administration (FHA), also called Home Equity Conversion Mortgages (HECM). A HECM allows you to access your home equity and turn it into cash. Borrowers often choose a reverse mortgage because it allows them to remain in their homes provided they meet the loan terms and provides funds that can greatly supplement their retirement income.
ELIMINATE MONTHLY MORTGAGE PAYMENTS
With no monthly mortgage payment, you can free up cash to cover other important things in your life.
ACCESS TO CASH
Since the proceeds are tax-free, you are able to use your cash in various ways, for example paying health care costs or financing home renovations.
What type of reverse mortgage loan is right for me?
Several types of reverse mortgage loans are available to satisfy today’s retirees’ needs. To find out which reverse mortgage product would work best for you, please contact our home equity specialist.
Lump-Sum Payment
Cash is available in one lump sum. No waiting.
• 60% of your accessible funds are allowed to be drawn in the first year
• Pay off large expenses with the accessibility to cash.
A growing line of credit
Establish a growing line of credit that you can tap into when needed.
• Use the line of credit as a standby safety net that can be used when unexpected expenses arise.
• Watch the unused principal grow over time, giving you access to more funds the longer it goes unused.
Jumbo Loan
Jumbo loan reverse mortgages, a proprietary loan that allows you to withdraw up to $4 million in equity on a higher-priced house. this loan allows you to turn more equity into cash.
• No mortgage insurance.
• Eliminate your monthly mortgage payment.
Term or Tenure
Received fixed monthly payments to supplement your income.
• With a term reverse mortgage, select the number of years you’d like to receive payments.
• With a tenure reverse mortgage, receive payments for as long as you live in the home and comply with loan terms.
Reverse for Purchase
Buy a home using a reverse for purchase.
• Downsize to a home that meets your long-term needs.
• Incur no monthly mortgage payments.
*Borrowers must continue to pay property taxes, homeowner’s insurance, and home maintenance costs.
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