Reverse Mortgage

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About Reverse the Mortgage .com

We are a company of Reverse Mortgage Specialists offering the FHA insured Reverse Mortgages Insured by the Federal Government (HUD)
Our company maintains a solid relationship with NRMLA (National Reverse Mortgage Lenders Association).
Our Management Staff has ensured the highest rating (A+) with the Better Business Bureau
The Specialists here go the extra mile to provide our customers with the best product available in the marketplace and due to our experience, we provide you with the quickest turn times possible
Our Industry relationships and experience allow us to offer the lowest interest rates and fees. Our customers save thousands compared to our competition such as their local bank
We are offering a 50% discount in the Origination Charges just for filling out the request online. Obtain a free quote today from the Reverse Mortgage Specialists.

Our Clients Are Saying...

"The final realization that other fund sources are no longer there and the need to do this to stay in her house has just been very stressful for Piri. I would like to truly extend my thanks for your efforts during this process. Very helpful, very professional and very patient.

Michele and I, Michele's sisters, Simone and Randi, and my brother-in-law, Brian thank you for helping us reach the finish line. I know this was the right and best thing to do and I look forward to hearing Piri's delight when she doesn't have to write that mortgage check next month." - C. Boock, Los Angeles CA.

Reverse Mortgage makes possible

The ability to gain access to home equity securely.
Additional funds while retaining home ownership.
Additional funds without tax liability
The ability to borrower money without any income or credit restrictions.
The ability to receive additional revenue without jeopardizing your Social Security or Medicare.
Additional monies for Retirement without the requirement of making scheduled monthly payments. Just live in your home, pay your property taxes and homeowner’s insurance.

Our company is a leader in the Reverse Mortgage field offering the best available products. We specialize in assisting our clients take their home equity and transform it into readily available tax free cash.

We believe in a person’s right to reside with dignity in the home that they love and have spent years of hard work and sacrifice to maintain. We feel strongly that a Senior Citizen should be able to use “their” homes equity to benefit themselves in their retirement years.

Whatever your individual needs may be, your home’s equity is a direct result of years of payments. Why not make that equity return the favor and pay for you!

*We always advise that you speak with your trusted financial advisor or tax professional.

What is a Reverse Mortgage?

The reverse mortgage is a Federal Program for Homeowners at least 62 years of age that allows access of equity in their home without the requirement of making a scheduled monthly mortgage payment.
The Reverse Mortgage product is a safe and secure way to borrow funds from the equity in your home without the burden of additional monthly expenses.

Many Senior Homeowners have been able to utilize the reverse mortgage in order to access significant monies from their home equity in order to enjoy their retirement years without the strain of having to continue making hefty monthly mortgage payments.

Qualifying Requirements of a Reverse Mortgage:

Must be at least 62 years of age.

There are no general Income or Credit requirements. However, delinquent items such as Judgments and Tax liens must be satisfied through closing.

Eligible Properties include traditional Single Family Homes, Planned Unit Developments (PUD’s), Condo Projects that have received FHA approval, Multiple Unit Properties where 1 unit is owner occupied (max 4 units) and Manufactured Homes completed after June 15, 1978 that meet minimum HUD standards

The property must be your primary residence. The homeowner will continue to be responsible for the upkeep of the home, paying the property taxes and homeowners insurance premiums. After all, it is their home.

How much can I qualify for?

The Reverse Mortgage Calculator was developed by the Federal Housing Administration. This Calculator determines how much an individual homeowner could expect to receive based on individual circumstances. These circumstances include the age of the youngest borrowing applicant, the value of the home or Government Limit (whichever is less) and the available interest rates at time of application.

Homeowners have a slew of different options when it comes to receiving their funds. There are options for lump sum cash disbursements, lines of credit, guaranteed monthly distributions, or a combination. The option in which a homeowner chooses to receive their funds will depend on their individual circumstances and whether or not they go with a Fixed Rate Product or an Adjustable Rate product and should be discussed with their Lender. No matter how you choose receive these funds, all are Federally Insured and all do not require a monthly payment. > Access the Reverse Mortgage Calculator

Reverse Mortgage Fixed Rate Product: The Fixed Rate product is best utilized for homeowners who are planning on doing a cash lump sum. The reason for this is because at this time, all Fixed Rate products available require the funds to be taken in a cash lump sum. Examples for those would be people who are paying off a large existing mortgage, a borrower utilizing the reverse mortgage to purchase a new home, or for those who simply want to take all available funds at closing.

Reverse Mortgage Line of Credit Feature: These are not like the Home Equity Lines of Credit (HELOCS) offered at your local Bank. The Line of Credit cannot be frozen or reduced in availability simply due to changing market conditions which include increasing rates or decreasing home values. The major benefit of the Line of Credit reverse mortgage is that you only use the funds available as you need them, and the unused portion of the Line of Credit grows in availability over time. The Line of credit option is available only on Adjustable Rate loans currently.

Reverse Mortgage Monthly Payment Plan: This program is also only available on an Adjustable Rate loan. The monthly payment plan comes in many options. You can receive the funds for a specified amount of time “term” that you set, or you can receive them for as long as you live in the home “tenure”. These payments on the reverse mortgage are guaranteed by the Federal Government and will not stop as long as you live in your home.

Is a Reverse Mortgage right for you?

Reverse Mortgages are not the solution for everyone. Just because it is what we do, does not mean that we encourage everyone over the age of 62 to get a reverse mortgage regardless of the circumstances.

Anyone looking for a temporary or short term financing solution should consider alternative loan products as well. Higher closing costs than traditional loans make the Reverse Mortgage less suitable for a short term situation.

Although, individuals who plan to remain living in their current homes and do need additional income or funds in order to make that happen should seriously consider the Reverse Mortgage as it may be the solution to your financial needs.

Feel free to review the information located in our Informational guides section at no charge. We thoroughly inform exactly what the program is and answer your questions that most frequently come up as well as addressing the misconceptions that exist about the program.

Reverse Mortgage Background

The Reverse Mortgage program that is insured by the Federal Government (also known as Home Equity Conversion Mortgage or HECM) was made a Federal Program in 1988 under President Ronald Reagan. Prior to that individual Banks offered various “Reverse Mortgage” type products, but since they were not Federally insured, they did not have the safeguards for the homeowners as they do today, and therefore were responsible for many misconceptions about Reverse Mortgages in general.

In Previous years, qualifying amounts varied from State to State and County to County. With the Stimulus Plan passing in 2009, a single National limit was introduced bringing the amount of money available to a homeowner to an all time high as well as establishing a feature to allow someone to purchase a home utilizing a Reverse Mortgage.

The Reverse Mortgages insured by the federal government are referred to as “Non-Recourse” loans. The Mortgage Insurance Premiums paid to the Federal Government on this product guarantee the homeowner that you cannot ever owe more money than the property is worth in a standard real estate sale transaction. If a home with a Reverse Mortgage in place is sold by the homeowner or their heirs and the sale nets less than the balance of the loan, the estate is not responsible to pay the difference.

Reverse Mortgage Counseling

The Government Insured Reverse Mortgage program has a safeguard for the Homeowner that requires them to attend a counseling session with an independent 3rd party that is approved by HUD. This must be done before the processing of an application may commence.

The counselor’s responsibility is to educate you on the Reverse Mortgage product after reviewing your individual financial circumstances in a private session conducted either in person or over the phone. During this counseling appointment the counselor will explore any and all possible alternatives that may exist for you in addition to the Reverse Mortgage program such as city or state grants you may be eligible for, selling your home and relocating to a potentially smaller and easier home to maintain or possible other options that may exist.

There are many items that the Counselor is required to ask you about even though they are not a prerequisite of obtaining a reverse mortgage such as your income, available assets, monthly expenses and debt obligations. They must inquire on these topics so as to perform a budget analysis that will aid them in determining how much you could benefit by doing a Reverse Mortgage. Upon completion of the counseling appointment, the counselor will provide you with the Certificate of Completion of Counseling in order for you to provide to your Lender.

As Your Lender we will provide you with a list of available local and national counseling agencies approved by HUD. It is your choice whether to utilize one from that list or seek out your own counseling agency that is HUD approved.

Reverse Mortgage for Purchase

Ever thought about buying a new home? The Reverse Mortgage for Purchase allows you to preserve liquid assets while obtaining a new primary residence. This will allow you to acquire a new home without having to make a monthly mortgage payment and without having to put 100% down.

This is amazing news for those who want to sell their current home and either downsize or upsize, relocate closer to relatives or to a Senior Community to take advantage of activities or amenities, or for those individuals who simply want a new property that will better fit their needs than their current home.

Trusted 3rd party sites: > Reverse Mortgage Information > ReverseMortgage.org> Federal Housing Administration >