What is a reverse mortgage?

A reverse mortgage loan allows homeowners over the age of 62 to access their home equity and eliminate their monthly mortgage payment.  The homeowner would only be responsible for payment of property taxes, homeowners insurance, and association dues, if applicable.
 

Step-by-Step Process

  Contact our licensed loan originators now to find out if a reverse mortgage is right for you. Because reverse mortgages are a big step for any homeowner, the Department of Housing and Urban Development (HUD) requires that all applicants receive third-party counseling to explain all the available options and details. We'll provide a list of counselors for you to contact. At this time, we'll work together to help you choose the best type of reverse mortgage for your needs. This is where we get to work for you! This behind-the-scenes work includes an appraisal, title search, lien payoff and a lot more! Our underwriters will review your documents for completeness. Everything is completely approved by all parties and final signing takes place. We’ll set everything up; you just bring your pen. As with all home refinance loans, the right of rescission period takes three business days. Any debts you'd like included are paid and you can feel secure knowing you'll never have to make a mortgage payment again. For the life of the loan, you do not make monthly mortgage payments to your lender. Reverse mortgages become due when the borrower(s) no longer occupies the home. If death of the borrower occurs, the heirs/estate may repay the loan from the sale or refinance of the reverse mortgage loan.