Mortgage Solutions

We Are Here to Address One of the Most Significant Challenges Facing the Baby Boomer Generation Today: Being Financially Prepared for Your Retirement Years.

A reverse mortgage is a safe and secure financial tool that allows homeowners 62 years and older to tap into the equity they have earned in their home. There are several ways a reverse mortgage can help homeowners in retirement.

To meet the unique needs of homeowners 62 and older looking to purchase a new home, the Home Equity Conversion Mortgage (HECM) for Purchase was created to allow these home buyers the opportunity to buy a new home using loan proceeds from the reverse mortgage.

Competitive interest rates and desirable home market conditions might have you considering if now is a good time to refinance your mortgage loan. If you’re 62 years or older, you may have more financial flexibility and the qualification may be much simpler with a reverse mortgage.

Similar to a jumbo loan, homeowners age 62 or older can access significantly more home equity with a HomeSafe reverse mortgage than the HECM (Home Equity Conversion Mortgage) loan limits allow.

Reverse Mortgages

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How can a reverse mortgage help you?

A reverse mortgage is a safe and secure financial tool that allows homeowners 62 years and older to tap into the equity they have earned in their home. There are several ways a reverse mortgage can help homeowners in retirement.

Receive Cash Now

The equity in your home is yours to use. With a lump sum payout or fixed monthly payment, you can access your earned equity for home renovations, healthcare costs or other major expenses.

Eliminate Your Monthly Mortgage Payment

Use the proceeds of your reverse mortgage to eliminate your monthly mortgage payment and free up funds in your budget.

Save for a Rainy Day

Set up a growing line of credit as a standby safety net that can be used when unexpected expenses arise. Watch the unused principal grow over time, giving you access to more funds the longer it goes unused.

Buy Your Dream Retirement Home

Use a reverse mortgage to right-size to a home that meets your long-term goals while incurring no monthly mortgage payments on your new home loan.

The most common type of reverse mortgage is the home equity conversion mortgage (HECM) and is highly regulated and insured by the Federal Housing Administration (FHA). It’s a financial tool that allows homeowners 62 and older to cash out the equity in their home without the requirement of a monthly loan payment.

 

Unlike traditional home mortgage loans, a reverse mortgage provides homeowners with payouts from their equity as a loan. The loan is due and payable using the proceeds of the sale of the home or the proceeds from a refinance when the last borrower or eligible non-borrowing spouse moves out of the house or dies.

As a government-insured and federally regulated mortgage loan, there are several important requirements borrowers must meet to qualify.

 

You must be at least 62 years old.
You must own your home.
The home must be your primary residence.

Reverse mortgages have helped more than one million Americans use the savings built in their homes for financial flexibility and security in retirement.

 

Schedule a call with one of our trusted reverse mortgage advisors for a complimentary financial outlook and discover for yourself how a reverse mortgage can help you meet your budget goals.

HECM for Purchase

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To meet the unique needs of homeowners 62 and older looking to purchase a new home, the Home Equity Conversion Mortgage (HECM) for Purchase was created to allow these home buyers the opportunity to buy a new home using loan proceeds from the reverse mortgage.

 

A reverse mortgage for purchase loan gives you more flexible buying power while giving you the option to eliminate monthly mortgage payment. A homebuyer can choose to repay as little or as much as they prefer each month allowing homeowners to keep their retirement savings growing or their monthly budgets from being stretched with a monthly mortgage payment.

 

It also provides protection against owing more than the home is worth because like all HECM reverse mortgage loans, it’s insured by the Federal Housing Administration (FHA). The HECM for Purchase has a non-recourse feature, which means the borrower can never owe more than the home is worth when the loan is repaid. The property is the only source of repayment regardless of the loan balance at maturity.

 

As with any mortgage, the borrower must stay current with property taxes, insurance and maintenance as part of their loan obligations. Payment of the loan is due when the homeowners sells the home, moves, passes away or fails to meet loan requirements.

Refinance Loans

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Competitive interest rates and desirable home market conditions might have you considering if now is a good time to refinance your mortgage loan. If you’re 62 years or older, you may have more financial flexibility and the qualification may be much simpler with a reverse mortgage.

If you have qualifying equity in your home, a reverse mortgage is a financial tool that allows homeowners to cash out the equity in their home as a lump sum, cash payments or growing line of credit.

 

Similar to a cash-out refinance, you can use the funds from a reverse mortgage to pay for home upgrades, emergency expenses or other large purchases. With a reverse mortgage, however, you are not obligated to make payments until you move, sell your home or pass away.

Housing market conditions and competitive home prices may also attract existing reverse mortgage borrowers to refinance. If rates have lowered or your home value has appreciated in value, a reverse mortgage refinance may give you additional access to funds.

 

To qualify for a reverse mortgage or a reverse mortgage refinance, borrowers must be at least 62 years old, have qualifying equity in your home and your home must be your primary residence.

 

Schedule a call with one of our trusted reverse mortgage advisors for a complimentary financial outlook and discover for yourself how a reverse mortgage can help you meet your budget goals.

The HomeSafe Reverse Mortgage

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Similar to a jumbo loan, homeowners age 62 or older can access significantly more home equity with a HomeSafe reverse mortgage than the HECM (Home Equity Conversion Mortgage) loan limits allow.

This reverse mortgage loan solution could help homeowners fund a more comfortable and secure retirement while keeping productive high-worth assets working for your financial future.

Compared to HECM loans, HomeSafe offers these great advantages:
• Suitable for homes valued at over $850,000 and condos over $500,000

• Loan limits of up to $4 million —significantly higher than a HECM allows

• Borrowers now have the flexibility to receive part of their proceeds as monthly term payments (over a 12-60-month period), or as a lump sum

• No mortgage insurance premium HomeSafe loan proceeds are tax-free,* with a competitive fixed interest rate that’s lower than you might expect.

Want to learn more about HECM?

To learn more about HECM Call 1-877-721-3847 or enter your email address to download this Free Informational Booklet. See how much you could take advantage of Reverse Mortgage.




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