Basics of
Reverse Mortgage
Our experienced loan originators can help you decide whether a reverse mortgage, also known as a HECM (Home Equity Conversion Mortgage), is right for you. In order to qualify, you must be 62 years or older and complete a counseling session with a HUD Certified Housing Counselor. Borrowers are expected to live in the home as their primary residence and pay homeowners taxes, insurance, and any applicable HOA fees.
Contact your Reverse Loan Originator for more information.
Learn More About what you can do with a Reverse Mortgage
Things to know about Reverse Mortgages:
Things to know about Reverse Mortgages:- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
- The loan balance grows over time and interest is charged on the outstanding balance
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment
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