Reverse Mortgage

This loan can be perfect if you are looking for some extra money to pay for a home improvement project, supplement your retirement income or even pay off your current mortgage.

If you are 62 years or older, a reverse mortgage could be what you are looking for. We know you have a lot of questions. A reverse mortgage lets you convert part of the equity in your home into cash, without the need to sell your home or pay extra towards any other expenses. In a traditional or “regular” mortgage, you make payments to your lender. In a “reverse” mortgage your lender sends you money.

For most, the biggest question is when will you have to repay the loan.  In most situations you do not need to pay the money back until you sell your home.  Some great things about reverse mortgages are:

  • Most Reverse Mortgages have No Income Restrictions
  • Money you Receive is Usually Tax Free!
  • Provides Income when no Other Source is Available
The easiest way to find out more information about if a reverse mortgage is right for you is to enter your information in the contact form on the right side of this page, do this now and we will contact you shortly!

It is important to know that there are three types of reverse mortgages: single purpose, Home Equity Conversion Mortgage (HECM), and proprietary reverse mortgage. It is also important to understand how each one works, so you can choose the best one for your needs.

The least expensive is the single purpose. One thing you should be aware of is that this is not available everywhere. The reason it is called the single purpose is because it can only be used to pay for one of the following three things: home repairs, home improvements or property taxes. What it can be used for will be specified by the government or nonprofit lender. This loan is more ideal for homeowners with low to moderate income.

Home Equity Conversion Mortgages (HECMs) are federally insured reverse mortgages and backed by the U.S. Department of housing and Urban Development (HUD). The downside to HECMs is that they can be more expensive than a traditional home loan, and the upfront costs can also be high. These costs are important to consider, especially if you do not plan to stay in your home for several more years, or only intend to borrow a small amount. The good news is that HECM loans have no income or medical requirements, can be used for anything, and are widely available.

That leaves proprietary reverse mortgages. These are private loans that are backed by my company, Guardian Financial. If you are interested in more information on this type, please fill out the contact form to the right of the screen.

Additionally, if you have any questions on single purpose reverse mortgages or HECMs, I will be happy  to give you all of the details you require.  Simply enter your information on the contact form on the right side of this page.  We will contact you shortly and answer all of your questions.