Are You over 62 and Looking for Extra Cash?
Try a reverse mortgage! Turn your home equity into cash!
What is a reverse mortgage?
With a reverse mortgage, homeowners stay in their home without making monthly mortgage payments (the homeowner is still responsible for paying property taxes and insurance on the home). Interest rates for reverse mortgages may also be lower than other options and the proceeds are tax free.
The most popular type of reverse mortgage is the federally-insured Home Equity Conversion Mortgage, also known as HECM. Backed by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), HECM reverse mortgage loans allow borrowers to access a portion of their equity based on the borrower’s age as well as the home’s value. Borrowers can qualify to receive a HECM on their home’s value up to $679,650 (updated January 1, 2018). This loan is available with either an adjustable rate or fixed rate.
Other types of non-federally insured reverse mortgage options also exist. For example, the proprietary (or jumbo) reverse mortgage is also an option for borrowers hoping to access home equity that's above the federal borrowing limit.
What's the best way to get started?
Let a licensed Reverse Mortgage Specialist help you get qualified.
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home as your primary residence.
Contact one our Licensed OVM Loan Originators for more information!
These materials are not from HUD or FHA and were not approved by HUD or a government agency.Reverse Mortgage Questions? We Have Answers!
Frequently Asked Questions (FAQs)