Reverse Mortgage

There are many tools that home owners have and a reverse mortgage is one of those tools. The main benefit is that you will no longer make a mortgage payment. The lender will pay you each month or in one lump sum. Any amount currently owed on your home will need to be paid off when you take out the new loan with one of the reverse mortgage lenders that we work with.

This financing tool is available to home owners age 62 and older and you must live in your home as a primary residence. Investment properties are not allowed. There are some property requirements that include meeting HUD's minimum property standards. It is also required that you meet with a counselor from a HUD-approved counseling agency prior to obtaining a reverse mortgage. This will ensure that you understand all aspects of your new loan and it is required by all lenders.

Reverse mortgage calculators are available to determine how much you will be eligible for. This will provide you with a monthly payment as well as a lump sum payment. These amounts are determined by the property value as well as the age of the home owners. An appraisal will be required by the lender.

It is important to gather as much reverse mortgage information as possible before you determining the best plan of action for your situation. Our lenders will happily go through all of the details with you so that you completely understand what your options are. There is a lot to understand. If you have any questions just give us a call or fill out our simple form. This is a very complicated transaction and both you and your family need to fully understand the program.

Reverse mortgages can be great tools for aging home owners in many different situations. The possibility of a lump sum payment or monthly payments should be discussed with a financial planner and/or the person that handles your finances. This is a great way to get freedom from the monthly mortgage payment and can free up cash flow for retired home owners.