Reverse Mortgage

Reverse Mortgages

A Reverse Mortgage allows you to purchase or refinance your home without having to ever pay a monthly mortgage note allowing you the financial freedom you deserve during your senior years.  You have worked hard all of your life, now is the time to sit back and enjoy life.

The amount of funds available to you is calculated using the appraised value of the home, age of the youngest borrower or youngest eligible non-borrowing spouse and the expected interest rate.

General Eligibility/Requirements

  • At least one borrower must be 62 years of age or older and be a title holder to the property
  • Live in the home as your primary residence
  • Meet financial eligibility criteria as established by the US Department of Housing and Urban Development (HUD)
  • Attend a HUD approved counseling session
  • Maintain your home according to program requirements
  • Continue to pay your property taxes and homeowners and/or flood insurance premiums
  • Title to the home must be solely in the borrower(s) name with no heirs on title
  • Sufficient liquid assets for down payment on new home or payoff shortage on a refinance



To refinance you must have sufficient equity in your home to be able to pay off any existing mortgages with the Reverse Mortgage proceeds.

Depending on the equity in your home once your existing mortgage has been paid off you will have several options of how you will receive the remaining funds varying from monthly payments, lump sum or a line of credit.

Funds available to you may be restricted for the first 12 months after loan closing due to program guidelines.  You may be required to set aside additional funds from the loan proceeds to pay for taxes and insurance.


A Reverse Mortgage can help homeowners buy their next home without having to make monthly payments.  This loan enables homeowners to use the equity from the sale of a previous residence to buy their next primary home in a single transaction with one initial investment (down payment).