For Seniors
Reverse Mortgages
For Seniors
If you're a senior, a reverse mortgage could help secure your financial future. I help seniors with HECM loans, the government backed loan that may help qualified homeowners 62 and older enhance their cash flow during retirement.
Do I qualify?
- You are at least 62 years old
- You own your home
- Your home is your principal residence
- You have enough equity to pay off any outstanding balances
- You meet minimal income and credit standards1
You do not need to pay off your home to qualify.
The HECM Loan
I help seniors with HECM loans
A Home Equity Conversion Mortgage (HECM) is the formal name of the government backed loan that many commonly refer to as the reverse mortgage loan. It is backed by HUD (the Department of Housing and Urban Development) and may help qualified homeowners 62 and older enhance their cash flow during retirement.
There may also be private jumbo reverse mortgages available in your area for higher valued properties, usually over $1,000,000 in value, which are not insured by FHA. Jumbo reverse mortgage loans are unique, and their features and requirements vary by the lender offering them.
Explore the HECM LoanImagine living in your home without a traditional monthly mortgage payment1, or instead enjoying monthly loan proceeds from the years you've invested in your home.
It's Your Home
Put It To Work For You
Reverse mortgage borrowers retain ownership and title to their home.1 It's yours just as it was before, but now you may benefit from the equity that's been building in your home for years.
What every senior should know
Straight answers to the questions homeowners ask most.
How do I qualify for a reverse mortgage?
To become eligible, you must be at least 62 years old and own your home. You must have enough equity in the house to pay off any outstanding balances, and your home must be occupied as your principal residence. Minimal income and credit standards must also be met.1
Will I still own my home?
Yes. Reverse mortgage borrowers retain ownership and title to their home.1 It's yours just as it was before, but now you may benefit from the equity that's been building in your home for years.
A HECM is insured by the Federal Housing Administration (FHA), and your home and property are the only assets that secure the loan.
When does the loan have to be repaid?
After you get a reverse mortgage on your primary residence, repayment is not due until the home is sold, the last borrower passes away or permanently leaves the home, or you do not comply with the loan terms.1
Borrowers also must keep the home in good condition, pay property taxes, and keep homeowner's insurance coverage to avoid the loan becoming due and payable.
What happens for my heirs?
In order to retain the home when the reverse mortgage becomes due, the heirs may choose to keep the home by paying off the current outstanding loan balance or 95% of the home's appraised value, less customary closing costs and real estate commissions.
Is counseling required?
Yes. As a protection, all those seeking a reverse mortgage are required to obtain counseling from an independent HUD-approved third party counselor prior to incurring any costs associated with the loan, other than the counseling fee.
Are the proceeds taxable?
While proceeds from a reverse mortgage are not subject to personal income taxation, borrowers should seek tax advice on how proceeds may affect government needs-based programs such as Medicaid and Medi-Cal.2
Reverse mortgage facts
A quick reference to keep handy as you explore your options.
1There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, homeowner's insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Loan rates, fees, terms, and conditions are not available in all states and subject to change.
2Borrowers should seek professional tax advice regarding reverse mortgage proceeds.
See What You
May Qualify For
Get a reverse mortgage evaluation and quote today. No obligation, just straight answers.