Reverse Mortgage Loan
Senior homeowners can tap into accumulated home equity to release cash flow.
A reverse mortgage allows senior citizens to cash out their hard-earned equity in their primary residence for use as they please. This can go towards living expenses, paying off debt and more. Reverse mortgage benefits may also be used for a primary residence purchase as well for those perhaps looking to downgrade or relocate.
Frequently Asked Questions
No, families of the borrower have 6 months to sell or pay off the mortgage. There are possible further extensions available. It is not a bank’s goal to foreclose on the property.
No. Just like other mortgages, the owner remains on the title at all times.
FHA mortgage insurance covers any deficiency. This is a non-recourse loan which means other assets are not at risk.
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