• Reverse Mortgage Consumer Resource Center
STAY CONNECTED 1-888-808-8486
big normal small
border
  • slide

    What Boomers Should Know About Reverse Mortgages

    According to the April 2014 U.S. census bureau, there are approximately 76.4 million baby boomers in the United States. As this particular segment of the population approaches retirement or are beginning to plan their retirement,…

    read-more-btn
  • slide

    Documents You Need for a Reverse Mortgage

    It may seem like a difficult and daunting process to apply for a reverse mortgage, however, it’s a lot more simple than you think. There are very little requirements that you must adhere to, so…

    read-more-btn
  • slide

    The Key to Remaining Independent

    The key to remaining independent is building financial security for your retirement years. Having financial security can ensure that you have enough cushion for emergencies and the ability to pay your bills. Understanding how much…

    read-more-btn
border

What is a Reverse Mortgage?

A reverse mortgage, also known as HECM (Home Equity Conversion Mortgage), is a way for homeowners to convert some of the equity from their home into cash.  This loan is backed by HUD (Department of Housing and Urban Development) and insured by the FHA (Federal Housing Association).  It is a financial tool designed to help homeowners, 62 years & older, during their retirement years.

A traditional mortgage loan requires the borrower to make monthly payments to their lender.  Reverse mortgage borrowers can actually receive payments from their lender.  Unlike a traditional or second mortgage, the borrowers are not required to make monthly payments, as long as the reverse mortgage loan requirements are met.

Homeowners are able to achieve financial freedom with the help of a reverse mortgage because there are no restrictions to how you can use the funds. The reverse mortgage loan can be used to pay off an existing mortgage, buy long-term health insurance, pay for home repairs, go on vacation, or to do whatever the borrower desires.

A reverse mortgage loan is a tool that can make retirement more comfortable and enjoyable.

Are you interested in a reverse mortgage? Call 1-888-808-8486 to speak with a Senior Advisor today!