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Reverse mortgages explained

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Personalized Mortgage Services for Todays Senior Citizens

Reverse mortgages explained

Free No Obligation Consultation!

Schedule now

What is a "reverse mortgage"?

Reverse mortgage explained. Insured by the Federal Housing Administration (FHA), the Home Equity Conversion Mortgage (HECM)—also known as a “reverse mortgage”—allows homeowners age 62 or older to access a portion of their home’s equity in the form of a loan. The funds accessed are income tax-free,

Reverse mortgages DO NOT require monthly mortgage payments—and allow the borrower to retain ownership and title to their home— so long as they:

Live in the home as their primary residence.
Continue to pay required property taxes and homeowners insurance.
Maintain the home according to Federal Housing Administration requirements.

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What are the benefits and uses of a reverse/ HECM mortgage?

From eliminating your monthly mortgage payment to paying for unexpected expenses, a reverse mortgage can help provide financial flexibility and relieve many of the financial pressures you face in retirement.

A HECM reverse mortgage can allow you to:

Buy a new home with increased buying power
Pay off an existing mortgage, monthly bills, or healthcare expenses to increase cash flow
Make needed home repairs or modifications to live more comfortably.
Establish a line of credit for emergencies or occasional expenses.
Help a child or grandchild with major expenses, like a down payment on a home or college tuition.

What amount can you receive from a reverse mortgage?

The amount of money that you can receive from a HECM depends on a number of factors, such as your age, the type of product you select, current interest rates and the appraised value of your home.

How can I receive the funds?

Depending on the specific program you choose, there is a range of options for receiving the proceeds of a reverse mortgage, including:

A monthly income stream
A lump sum payment
A line of credit
Any combination of the above

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Reverse Mortgage Programs

Purchase With a Reverse Mortgage

Yes, you can!

Purchase your next home using a HECM reverse mortgage.

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HECM to HECM Refinance

Purchase With a Reverse Mortgage

Take advantage of higher home values and increased loan limits to maximize your HECM Reverse benefits.

Reverse Mortgage Refinance

Many seniors enjoy the benefits of refinancing into a HECM reverse mortgage for several reasons.

Jumbo Portfolio Reverse

Reverse Mortgage Refinance

The portfolio reverse mortgage is there to fills the gaps of the FHA HECM while increasing loan amounts to $4mm.

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Reverse HECM mortgage broker serving California senior citizens wanting to age in place or buy a new home.

California Reverse Mortgages Broker serving; Contra Costa, Los Angeles, Placer, Orange & San Diego counties.

www.800HECM.com www.My-VALoan.com

California Reverse Mortgage Broker

Personalized Mortgage Services for Todays Senior Citizens