The Reverse Mortgage is an exciting tool for homeowners in & approaching retirement age. It provides a dramatic improvement to retirement finances by eliminating your mortgage payment and allowing access to additional funds in the form of cash, a monthly distribution to you, and/or a line of credit to be accessed as needed moving forward, all while keeping full ownership & control of your home!
Reverse Mortgage
Input fields: Date of Birth Husband, Date of Birth Wife, Home value, current mortgage balance.
(These figures will be put into formula (we are working on getting that formula for you) and results will spit out. Need to do for both HECM and Jumbo programs.)
Reverse Mortgage Basics
Reverse Mortgage Basics
The Reverse Mortgage is an exciting tool for homeowners in & approaching retirement age. It provides a dramatic improvement to retirement finances by eliminating your mortgage payment and allowing access to additional funds in the form of cash, a monthly distribution to you, and/or a line of credit to be accessed as needed moving forward, all while keeping full ownership & control of your home!
- It is a mortgage (very similar to any other mortgage you have ever had), except you’re not required to make a monthly payment!
- You continue to own your home 100%.
- Can still pass your home to your heirs.
- You receive a mortgage statement each & every month.
- You must still pay your property taxes & homeowners insurance.
- You may pay the loan off at any time without penalty.
- You may sell the home & move any time you like (of course you can, it’s your home).
Reverse Mortgage Key Points
Reverse Mortgage vs. a Home Equity Line of Credit
A REVERSE MORTGAGE is far superior to a HELOCs for a number of reasons:
The rate cap on a Reverse Mortgage is as low as 5% over the start rate (currently that would top out at around 10-11%. A HELOCs can usually top out around 18-22% which is about double and could end up being extremely expensive.
A HELOCs has fine print that allows the lender to immediately revoke your HELOCs at any time. This can leave you stranded when you may need the money the most. The Reverse is much safer and not subject to be taken away as the HELOCs is.
You must make a monthly payment with a HELOCs, typically of interest only for the first 10 years, at which time the access to any remaining credit line is closed. At the same time your interest only payment changes to interest and principal payments. This significantly increases your monthly payment (almost doubles) while you lose any remaining access to the HELOC at the same time.
Only a Reverse mortgage gives you the safety of not having to make a monthly payment. This feature greatly enhances your security and helps to ensure that you (and a surviving spouse) are in the very best retirement position possible both today and into the future. HELCOs may have some good uses, but it is a very poor choice during retirement and can get you into significant trouble and should be avoided.
We offer all Reverse Mortgage programs:
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FHA HECM
Most common Reverse Mortgage product that offers the best loan-to-value & interest rates available on the market. Available in fixed or adjustable rates, and provides maximum flexibility in how funds are distributed to borrowers.
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Jumbo Reverse Mortgage
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