What is a Reverse Mortgage?

A Reverse Mortgage is a loan that enables senior homeowners, age 62 and older who live in their home, to access a portion of their equity, without having to sell the home, give up title, or take on a new monthly mortgage payment

The amount available is determined by the age of the youngest borrower(s), current interest rate, lending limit and home value. Interest rates and lending limits are set by the Federal Housing Administration for the Home Equity Reverse Mortgage (“HECM”).

The Proprietary Reverse Mortgage products are determined by the age of the youngest borrower(s) and the value of the home. There is no lending limit. The Proprietary Reverse Mortgage products are designed to provide more money for the higher home values.

All current mortgage liens must be paid off through the reverse mortgage

All Reverse Mortgage products have an adjustable rate. Reverse Mortgages have been available for 17 years. Last year, the number of reverse mortgages taken out by senior homeowners increased by 76%