*TOP QUESTION: How Does A Reverse Mortgage Work?
The FHA–Insured Reverse Mortgage is also known as a HECM (Home Equity Conversion Mortgage). This program allows homeowners to borrow against a portion of their home’s value. Unlike traditional mortgages, you do not create a monthly payment. The amount available to a homeowner using a Reverse Mortgage is based on: the age of the youngest homeowner, the appraised value of the property, and the current interest rates.
*2ND MOST ASKED QUESTION: What are the interest rates for Reverse Mortgages?
There are both fixed and adjustable rates. We will work with you to determine which rates best fit your financial goals.
*3RD MOST ASKED QUESTION: Can I get a Reverse Mortgage if I have a current mortgage?
Yes, we have a number of clients that use the Reverse Mortgage to pay off their current mortgage. Reverse Mortgages are designed to eliminate the burden of making monthly mortgage payments. This creates positive cash flow. Reverse Mortgages protect the borrower from foreclosure due to non- payment, because there are no payments required.