home-equity

There’s a Mortgage Product to Meet Your Needs

Should we consider a reverse mortgage loan?

Reverse Mortgage loans give seniors the ability to live in their home, with no monthly mortgage payments¹, by converting home equity into cash while still maintaining ownership!

Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, were created over 25 years ago to help homeowners age 62 and older convert a portion of home equity into tax-free money from the loan.

How does it work?

A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your financial situation. With a reverse mortgage loan, you will remain on title and can stay in your home without making monthly mortgage payments during the loan period.¹ The borrower will be required to pay for property taxes, home insurance and home maintenance. The loan balance becomes due upon the occurrence of other events including non-compliance with the loan terms.

The federally-insured HECM loan offers multiple ways to receive the proceeds and gives you the ability to spend the cash as needed. Common uses of Reverse Mortgage loans include:
  • Paying Off Debt
  • Cover Costly Medical Bills and Prescriptions
  • Home Repairs and Modifications
  • Delay Social Security Benefits
  • Travel
Important features of a reverse mortgage loan include:
  • Proceeds from a Reverse Mortgage loan are tax-free³.
  • There are multiple ways to receive the loan proceeds, whether as a line of credit, a term payment, a tenure payment, lump sum, or a combination of these options.
  • Live in your home with no monthly mortgage payments¹.
Qualifications include:
  • The borrower must be 62 years or older (a non-borrowing spouse may be under the age of 62)
  • The home must be and remain the borrower’s primary residence
  • The borrower must own the home
  • The borrower must meet the financial requirements of the HECM program
Disclosure:
  • ¹If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 1-(702) 984-7140 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.
  • ²Social Security benefits estimator available at www.ssa.gov/estimator.
  • ³Loan proceeds are paid tax-free; consult your tax advisor.
  • These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Qualifying is as easy as 1,2,3!

1 Loan Type
2 Amount
3 Submit
  • What Type of Loan Do You Need?

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