Are you over the age of 62? Then let the bank pay you! A reverse mortgage or HECM (Home Equity Conversion Mortgage), is a way to turn the equity in your home into cash without having to make any monthly mortgage payments. As part of the loan, you are still required to continue paying property taxes, insurance, and maintain the home. A HECM reverse mortgage is a government-insured loan that enables seniors to gain financial independence from their ever-increasing living expenses.
How much could you qualify for?
- The loan amount is based on the age of the youngest borrower, prevailing interest rates, and the value of your home.
How do I qualify?
- You must be 62 years old or older
- Your home must be your primary residence
- You must have a sufficient amount of equity in your home
- You must pass a credit/financial assessment review
- No monthly mortgage payments
- Loan proceeds are Tax Free (always consult your financial advisor)
- NO prepayment penalty
- Perfect for seniors with a fixed-income
- Owner can sell the home whenever they wish
*Loan terms and limits subject to change. This page is meant for educational purposes and is not a commitment to lend.
Why We Chose a Reverse Mortgage
When health issues arose and we could no longer stay in our home because my husband needed a one level home. Knowing this would be our final home, we chose to do a Reverse Mortgage.
We did it mainly for the purpose of not having a mortgage payment. It would free up a little money for things that might come up. Being older you never know what issues you will be facing.
Our realtor directed us to The Staples Group and mortgage loan consultant Nan Glauser. She was wonderful in helping us every step. One thing I appreciate about Nan was that she was always letting us know what was happening with each step that needed to be done. She would contact me at least weekly and most often many times a week or daily. I felt like she really cared and was concerned about us, especially with my husband’s health issues. It was a blessing having Nan Glauser as our consultant.
Thank you Nan for blessing us and getting us into our new dream home that we love and are enjoying so much.
-The Alldredge Family