Reverse Mortgages

What is a Reverse Mortgage?

A reverse mortgage is a type of loan where the homeowner withdraws a portion of their equity but doesn’t have to repay the loan until they leave the house.
With a reverse mortgage, the lender makes payments to the homeowner. The homeowner gets to choose how to receive these payments and only pays interest on the proceeds received. The interest is rolled into the loan balance so the homeowner doesn’t pay anything up front. The homeowner also keeps the title to the home.

Reverse Mortgage Requirements

The primary homeowner must be age 62 or older to apply. However, if you are under 62, you may still be able to get a reverse mortgage if you meet other eligibility criteria. For example:

You must own your home outright or have a single primary lien you hope to borrow against.
You must live in the home as your primary residence.
You must remain current on property taxes, homeowner’s insurance and other mandatory obligations, such as homeowners association dues.
You must participate in a consumer information session led by a HUD-approved counselor.
You must maintain your property and keep it in good working condition.
Your home must be a single-family home, a multi-unit property with up to four units, a manufactured home built after June 1976, a condominium, or a townhouse.

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Once you’re done, one of our Loan Officers will get in touch with you. Our experienced and knowledgeable Loan Officers will help you choose the right home loan for your needs. We aim for 100% customer satisfaction.
Fill out the application today and get started on the path toward purchasing your dream home.