Reverse Mortgage / FHA HECM
The reverse mortgage allows for home owners to sometimes access their home equity when they might not be able to with a typical FHA or conventional mortgage loan refinance.
No more mortgage payments?
If you just simply need some more cash to help with living expenses per month then perhaps the reverse mortgage is possibly the right choice for you. It can allow you to halt payments on your mortgage, and actually use your existing home equity to pay you each month instead; all while living in the home. You must be at least 62 years or older and have a significant percentage of equity in your home.
- These payments may be in the form of a lump sum, a set monthly income, line of credit or even a combination of these.
How does this impact your heirs?
Your heirs may have the choice of paying the balance of the mortgage loan off or even selling the home. Once the home is sold, the proceeds of the sale are used to pay off existing debts and any excess funds will pass to your heirs. They may also have the opportunity to refinance out of the reverse mortgage and keep the home in the family.
- This is a way where you may make your lifestyle more comfortable during your retirement.
This is a loan program that we are proud to offer. You can expect top notch service throughout the process. Speak with a loan professional to find out what options you qualify for. Find out what we have available today!