reverse mortgages

VA loans

WHAT IS A REVERSE MORTGAGE?

A reverse mortgage is a loan type that is available to homeowners who are 62 years or older. It allows them to convert the equity in their home into one of the following or a combination of the three: -A lump sum payment - Monthly income - Line of credit
The product helps people that want to tap into the equity in their homes and use the money as they want to use it. This loan is called a reverse mortgage because it is the opposite of a traditional mortgage. Instead of making monthly payments to a lender, the lender makes payments to you as the borrower. You are not required to pay back the loan until the home is sold. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your property taxes, homeowners association dues and insurance.


This material is not from HUD or FHA and has not been approved by HUD or a government agency.

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VA loans

WHAT ARE THE SENIORS SAYING WHO HAVE TAKEN OUT REVERSE MORTGAGES?

According to an AARP survey of 1500 seniors who had obtained a reverse mortgage, is that reverse mortgages may be more practical than most realize. The following is how those 1500 seniors responded to the AARP survey:

  • 95% reported that a reverse mortgage partially to fully met their financial needs
  • 94% reported a greater peace of mind
  • 89% described having a more comfortable lifestyle
  • 93% reported that their reverse mortgage had a positive effect on their life
  • 87% answered that they had a better quality of life
  • 100% satisfied with our customer service