Reverse Mortgage Loans | OVM Financial - Lending Redefined

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. Interest rates for reverse mortgages may also be lower than other options and the proceeds are tax free. Finally, after you pay off the reverse mortgage loan, you or your heirs inherit the home's equity.

Also known as a Home Equity Conversion Mortgage (HECM), reverse mortgages are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.

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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.

You are also required to receive consumer information. Contact one our Licensed OVM Loan Originators for more information.

Reverse Mortgage Questions? We Have Answers!

Frequently Asked Questions (FAQs)

1What are the differences between a reverse mortgage and a home equity loan?
With a second mortgage, or a home equity line of credit, borrowers must make monthly payments on the principal and interest. A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments. With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.
1What types of homes are eligible?
To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

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