Reverse Mortgage Tips

Read our Reverse Mortgage tips that all homeowners should know and be aware of before the reverse mortgage process is started.

For Example: You are REQUIRED to meet/speak with with a HECM Counselor before beginning your reverse mortgage application with any lender. The role of the counseling agency is to review your unique financial situations during this private session and explore any alternatives that may be available, such as selling your home and downsizing, available city or state grants, or other alternatives that may be available to you. This really is in the best interest of the applicant looking for a reverse mortgage and why it is required. One thing to note is that counselors are now required to ask potential borrowers about income, assets, debts, and monthly living expenses in order to perform a budget analysis. Although they are required to ask this, your answers do not affect the qualification of the loan. Once you have completed this session you will be provided a counseling certificate which you will need to sign and deliver to the lender of your choice. Your lender also must give you a list of no less than 10 counseling agencies to choose from, 5 of which are mandated by the FHA and include the National Council on Aging.

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Also - Check out the typical Reverse Mortgage Timeline

Testimonials

"Getting a reverse mortgage was the best decision I ever made. Now I don’t have to make a loan payment and I receive money every month for as long as I live in my house."
Bill

"Our loan officer was great. He worked with my Husband and I to make sure everything went very smoothly and that we understood each step. I can’t recommend getting this loan more strongly.“ Martha

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Reverse Mortgage FAQ

Q. What types of properties are eligible?
Q. Is the money I receive from the reverse mortgage tax free?
Q. What exactly is a reverse mortgage?
Q. Do you need good credit or a certain amount of income to qualify for a reverse mortgage?

Click here for more Reverse Mortgage Frequently Asked Questions (FAQ)

Did you know there was more than just 1 type of a Reverse Mortgage? Learn about the Different Types of Reverse Mortgages

Different Types of Reverse Mortgages

Did you know there was more than just 1 type of a Reverse Mortgage?

Jumbo Reverse Mortgage:
A Jumbo Reverse Mortgage is a reverse mortgage designed for people whose home is worth 1.5 million or more. (Read More about the Jumbo Reverse Mortgage)

Reverse Mortgage for Purchase:
A Reverse Mortgage for purchase is a loan that allows you to apply the same principals of a reverse towards the purchase of a home. (Read More about using a Reverse Mortgage to Purchase a Home)

Reverse HECM Libor:
The HECM Libor or ARM is an adjustable rate reverse mortgage. (Read more about the Reverse HECM Libor)

Reverse HECM Fixed:
The Reverse Mortgage HECM Fixed is similar to the Libor but is fixed as the name suggests. (Read more about the Reverse HECM Fixed)

Reverse HECM Saver:
The HECM Saver is a revolutionary new loan that allows the borrower to have all of the benefits of a reverse mortgage while paying much lower fees.(Read more about the Reverse HECM Saver)

Learn about the Different Types of Reverse Mortgages