What Is a Reverse Mortgage?
A reverse mortgage is a safe and viable financing option.
Since 1961, the reverse mortgage industry has been working hard to build a product worthy of our nation's growing senior population. With these ethical safeguards in place, a consumer should feel safe taking a reverse mortgage loan and borrowing with more confidence. Together, the Federal Housing Administration and the reverse mortgage industry strive to do everything possible to help our nation's seniors stay just where they want to be – at home.
Using the Power of Reverse Mortgages
Keep your home and discover the cash flow you need with Live Life Reverse Mortgage. You can leverage the equity you have built in your house.
By having a reverse mortgage, you can postpone using your pension funds, liquidating your IRAs, and pay for your long term care insurance.
With a reverse mortgage, there is no loan to repay as long as you are alive, living in the home, and keeping the terms of your loan. You can have the money disbursed to you in the form of a check or a line of credit. Lump-sum payments are also popular. The federal insurance on an FHA reverse mortgage provides protection for both the borrower and the lender.
In a case where a borrower is receiving monthly installments or has a line of credit using FHA type reverse mortgage, the insurance guarantees the availability of funds. In a case where the reverse mortgage balance exceeds the value of the home, the insurance compensates the lender for the difference between what they are allowed to collect from the homeowner and the actual balance of the loan.
Homeowners seek reverse mortgages for a variety of reasons. This type of financing can be used to supplement a fixed income, to receive money to cover expenses, or simply to eliminate monthly housing costs.
With a Reverse Mortgage Seniors Can:
- Refinance Their Property
- Payoff the Present Loan and Have No Monthly Mortgage Payments Ever
- Can Obtain Line of Credit or Receive Monthly Payments or a Lump Sum
- Purchase a New Property Downsizing or Upsizing
With access to a full range of mortgage sources, our lending specialists are dedicated to finding the right loan – with the best rates, terms, and costs to meet your unique needs. And that that's just the beginning of our service.