If you’re an older homeowner and need help managing expenses, you might consider a reverse mortgage.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to remain in their homes or supplement their income.
What is a reverse mortgage?
A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
Insured by the US Federal Government, the Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program that enables you to withdraw a portion of your homes equity to use for home maintenance, repairs, or general living expenses. Borrowers may reside in their homes indefinitely as long as property taxes and homeowners’ insurance are kept current.
HECMS’s are also a popular option to purchase a new primary residence. This provides the ability to downsize or relocate from your current home as needed.
What is required for a Reverse Mortgage?
To be eligible for a HECM reverse mortgage, the primary borrower must be age 62 or older. The other requirements for a HECM include:
- Must have at least 50% equity in the home
- Must live in the home as your primary residence
- Can’t be delinquent on any federal debt
- Continue to pay homeowners insurance, property taxes, and any homeowners association dues
Ready to Get Started?
If you are interested in learning more about our loan options, we are here to answer all of your questions. We will walk through the numbers and the process, from application to closing.
Call us at (404) 920-8988 to take the first step
Other Loan Types
Possibility starts here. Get approved for your mortgage
If you are ready to start the homebuying process, you have probably already heard about getting pre-qualified or pre-approved for a mortgage first. In fact, most real estate agents will want a pre-qualification or pre-approval letter before they start showing you homes.
Let's Find a Loan That's Right For You
Whether you are buying a new home, getting cash from your home’s equity, seeking a more affordable payment, or want to pay off your home loan sooner, our mortgage professionals explain your options simply and clearly — and offer you competitive rates and terms to help you save.
- Helping Turn Dreams Into Realties Since 1998
We have the experience, the social track record, and access to the right resources to get loans done.
- Flexible Rates & Low Fees
The key to our success has been a combination of consistently offering the lowest possible rates and above all providing outstanding customer service. We take pride in treating our clients with honesty and integrity.