The myths, facts and benefits of Reverse Mortgage
Financing your retirement or lifestyle.
We all have retirement dreams. No matter what you want to do, you need a financial plan to make those dreams come true.
A Reverse Mortgage, of which the FHA Home Equity Conversion Mortgage (HECM) is the most common type may help. HECMs are loans that allow seniors age 62 or older to convert a portion of their home equity into cash, with a maximum loan amount set annually by the Federal Housing Administration. There are other proprietary portfolio reverse mortgage products are available for those as young as 55 or for unique properties and jumbos not covered by the FHA HECM.
The funds are advanced against the value of your equity, and interest accrues on the outstanding mortgage balance. Your only monthly responsibility will be to pay property taxes, homeowners insurance, and HOA/condo dues if applicable. The reverse mortgage Is repaid when you move out of the property, sell the property, or when the last borrower passes away.*
We also offer Reverse Mortgages, which are proprietary jumbo products available to those 55 and older with loan amounts up to $4 million.**