FHA Loans

Why Consider A Reverse Mortgage Loan?

Reverse Mortgages

Why? Because no matter what your needs may be, a reverse mortgage could be the solution.

First, what is a reverse mortgage?

A reverse mortgage is an FHA insured loan that allows eligible homeowners to "draw" from the equity either in a lump sum or on a monthly basis.

The Benefits

A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) can be used to purchase or refinance a home.

  • You still own and live in your house
  • Eliminate monthly mortgage payments
  • Won't affect your social security benefits
  • The funds received from a refinance can be used for any purpose

THE FACTS

Minimum age

62

Occupancy
Primary Residence Only
Max Loan Amount

Based on age, property value, current rate and outstanding balance

Your responsibility
You must continue to pay your property taxes, home insurance and HOA
Education
You must complete a HUD approved counseling session
Repayment
The loan becomes due if: home is sold, you pass away, you no longer occupy it as your primary residence, you default on property taxes or you default on the terms of the loan note

Next Step

Ready to learn more or get started with a reverse mortgage?

I hope you found this quick look into Reverse Mortgages useful.
If you have any questions on this topic or any other mortgage-related topic, by all means reach out to me.
Click on the button above OR
Send me an email  OR
Give me a call - 619-992-4061
Text LOANINFO to 44222
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This information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. This is not an ad from HUD, VA, or FHA and was not reviewed or approved by any government agencies


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