Reverse Mortgage Information!
Stay in your home and own your home without ever making another monthly mortgage payment. Remember, like any homeowner, you are still responsible for taxes, insurance and maintenance.
When you fill out the form on this page, you will receive your “Obtain a No-Obligation Reverse Mortgage Information Guide – Absolutely Free! It includes useful information about how to qualify, and if a reverse mortgage is right for you.
Today’s Reverse Mortgage Delivers a World Of Financial Options and can assist you with:
What is a Reverse Mortgage?
A reverse mortgage enables homeowners 62 & older to convert home equity into tax-free cash without selling their home. A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.
However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you can use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Let a Reverse Mortgage Help You Make the Most of Your Hard-Earned Assets
You worked hard for that equity, and now it can work hard for you, allowing you to live comfortably at home during your golden years.
With over 25 combined years of mortgage banking experience, we pride ourselves on our integrity and comprehensive service. Our experience ensures you will receive outstanding and wide-ranging financing options.
Known by experts as a Home Equity Conversion Mortgage, reverse mortgages are a type of mortgage for homeowners 62 and older. 1st Reverse Mortgage USA is a nationwide lender that takes the time to understand the goals of every client and educate them on how the reverse mortgage loan program works and the ways it can be used.
The reverse mortgage is safe and insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). The reverse mortgage, a national program, has helped thousands of homeowners safely access the equity in their homes, helping them better enjoy their retirement years.
The FHA reverse mortgage is a 100% non-recourse product. This means that should the home’s value decline, neither the homeowner nor his estate can ever owe more than the current value of the home. On the other hand, if the home goes up in value, after the loan amount has been repaid, all the remaining equity, and any appreciated value, goes directly to the homeowner or his heirs and estate.
Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
What Are the Requirements?
- At least one homeowner must be 62 years of age
- You must reside in the home as your primary residence
- Your home must be either a single-family home, two to four-unit owner-occupied home, townhouse, approved condominium unit, or certain manufactured homes
- You must attend an educational HUD-approved counseling session by phone or in person
- You must continue to pay property taxes and homeowners insurance
Reverse Mortgage Facts
At 1st Reverse Mortgage USA one of our primary goals is to educate consumers about the many uses of this powerful financial tool.
- The Bank/Lender does not own your home
- Heirs can still inherit the home
- A Reverse Mortgage is NOT just the loan of last resort
- Homeowners can’t get forced out of the home for not paying the reverse mortgage
- However, it is the homeowner’s responsibility to maintain the home in good condition, keep property insurance current, and pay the property taxes.
- Homeowners can’t outlive a reverse mortgage
- Social Security and Medicare will generally not be affected
- You should consult with a qualified financial advisor to learn how a reverse mortgage could impact eligibility of some government benefits.
- Homeowners do not pay taxes on a Reverse Mortgage
- Consult a tax advisor for more information.
- There are NOT large out-of-pocket expenses
- A reverse mortgage is like other mortgages
- Like a traditional mortgage
- Homeowner maintains title and ownership
- Homeowner is responsible for taxes, insurance and maintenance
- Loans are secured by notes and deeds
- Closing costs are similar for a HECM & traditional mortgage
- Unlike most mortgages
- No monthly mortgage payments are required. However, it is the homeowner’s responsibility to maintain the home in good condition, keep property insurance current, and pay the property taxes.
- HECM credit line can never be reduced; it is guaranteed to increase over time regardless of loan balance or home value
- Borrower can never be required to repay more than the home is worth (non-recourse loan). Borrower pays modest FHA insurance premium to gain these benefits.
- Borrowers must be 62 to apply for a reverse mortgage
Learn how to retire in your own home – Contact us Today!
Reverse Mortgage Learning Section
1 By providing the requested information and clicking “Submit”, I provide my signature expressly consenting to contact from 1st Reverse Mortgage USA or its subsidiaries, affiliates, or agents at the number I provided regarding products or services via live, automated or prerecorded telephone call, text message, or email. I understand that my telephone company may impose charges on me for these contacts, and I am not required to enter this agreement as a condition of purchasing property, goods, or services. I understand that I can revoke this consent at any time.