Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.

What a Reverse Mortgage Can Do For You

A reverse mortgage can pay off your existing mortgage, leaving you with more money each month.

You still own your home. Your name remains on the title.

You can use the money to fulfill an immediate need or to use in the future.

You Still Pay for

Property Taxes

Homeowners Insurance

Property Maintenance Costs

Qualifying for Reverse Mortgage

You must be a homeowner who is at least 62 years old.

You can own your home free and clear or still have an existing mortgage on the home.

You must have enough equity in the home.

How Reverse Mortgage Works

You borrow money based on value of your home, your age, and current interest rates.

The loan will first pay off your existing mortgage (if you have one). The rest of the money is yours to use however you want.

You can make payments if you want, but it is not required.

You can choose to receive your proceeds in the form of a lump sum, monthly payments, a line of credit, or any combination of the three.

You are still responsible for paying property taxes, homeowners insurance, and home maintenance costs.

Reverse Mortgage Products

Fixed Rate

The fixed rate loan has an interest rate that does not change. The rate is locked in at the time of closing and will remain the same throughout the life of the loan. The fixed rate option pays one lump sum amount.

Adjustable Rate

The adjustable rate loan has an interest that changes throughout the life of the loan. Clients may receive their proceeds in the form of one lump sum, monthly disbursements, a line of credit, or any combination of the three.

The Reverse Mortgage Line of Credit as a Retirement Tool

The line of credit is an adjustable rate loan.

Available funds in the line can grow in value over time.

You can live off funds from the line of credit while allowing other retirement assets more time to grow in value.

The line of credit gives you the flexibility of a traditional home equity line of credit (HELOC) without the monthly mortgage payment. However, you are still required to pay your property taxes, homeowners insurance, and property maintenance costs.Purchase

The reverse mortgage for purchase allows you to purchase a home with a reverse mortgage and not make a monthly payment for as long as you live in the home.

Talk with Loan Officer (626) 701-4159