Considering a Reverse Mortgage?
We know that such a consideration can seem scary, but rest assured that we have the knowledge and experience to not only help you discover whether this loan type is right for you, but we will assist you every step of the way if you do choose to move forward.
Enjoy personal attention & customized support
Rely on over 25 years of experience
Confidently choose the reverse mortgage option that best suits you and your needs
What is a Reverse Mortgage?
A reverse mortgage is a unique loan that allows homeowner(s) 62 years of age and older to draw on the value of their home, which is paid to the homeowner(s) in a variety of payout options or used as a line of credit.
One of the unique features of a reverse mortgage loan is that it does not require repayment until the homeowner(s) no longer reside in the residence, the last surviving borrower passes away, or does not comply with the loan obligations.
There are different types of reverse mortgage solutions. As certified reverse mortgage specialists, our goal is to help guide you to determine whether a reverse mortgage is right for you and if so, which type. We’ll go over your options with you so that you can make a confident, informed decision—all alongside world-class service from start to finish!
5 Star Service
This team did a terrific job in helping my wife and I refinance. They made the whole process as easy as possible for us. Communication was clear and concise and we were well informed of our options. The decision of which way to go was entirely up to us and there was no pressure to do one thing or the other. Just a great experience from start to finish!
Very communicative and could not have been a better fit for us through it all. They were willing to take us step by step through everything we needed to do and if we had any questions, there were more than willing to help us understand before moving forward. We appreciate all the work they did and are so thankful!
Facts VS Myths About Reverse Mortgage
- You immediately sign over ownership to your home.
- You retain title to your home as long as you meet the loan guidelines and requirements such as: maintaining the property, paying all property charges (like property taxes, homeowners insurance, flood insurance, and homeowners association dues, if applicable) and avoiding extended absences from the home longer than six months.
- If you take out a reverse mortgage loan your children won't be left with any of the home equity.
- While the amount of equity typically decreases over time with a reverse mortgage, it doesn't mean there will be no equity left when the last borrower dies. There are several factors that go into how much equity will be left, such as home appreciation, length of the loan, and optional monthly payments. There can still be equity left for your children.
- Your children will be responsible for repaying the loan when you die.
- A reverse mortgage is a non-recourse loan, meaning that the lender can only be repaid from the proceeds of the sale of the home and not more than the value of the home. That means even if the home decreases greatly in value, the maximum repayment amount can only be up to the value of the home. While your heirs will not be responsible for the loan repayment, they will still have the option to refinance the loan to purchase it for themselves.
- A reverse mortgage requires that you make monthly mortgage payments.
- While you can choose to make mortgage payments, they are not required with a reverse mortgage. The borrower is still responsible to maintain the property, pay property taxes, homeowners insurance, flood insurance, and homeowners association dues (if applicable), and avoid extended absences from the home longer than six months.
- You must have your first mortgage paid off before you can qualify for a reverse mortgage.
- While any debt on your home's title must be paid off at closing and you must have adequate equity in the property, it is not required that you own your home "free and clear" before getting a reverse mortgage.
- You are not allowed to sell your home if you have a reverse mortgage.
- You can sell your home if you wish and—just like any other mortgage loan—you must pay off the reverse mortgage at closing. There are also no prepayment penalties if you choose to pay off your loan early or make loan payments.
