Reverse

What is a Reverse Mortgage?

A reverse mortgage is a type of loan that is designed to help homeowners age 62 and above turn part of their home equity into cash. Unlike a traditional mortgage, instead of making monthly payments to a lender, the lender will pay you as long as you live in the home. Seniors eligible for a reverse mortgage can receive this money in a number of ways including monthly payments, a lump sum or through a line of credit.

 

Most reverse mortgages are a type of loan called a Home Equity Conversion Mortgage (HECM). These mortgages are backed by the US government. Reverse mortgages can be a great way for older homeowners with limited income, such as retirees, to alleviate financial stress and live more comfortably in a home of their choosing. With a reverse mortgage, you still retain 100% ownership of your home and the loan will not have to be repaid until the home is sold, vacated or the owner passes away.

 

If you are a senior homeowner, let Global Equity Finance show you how to turn your home equity into enough supplemental income to last a lifetime.

Benefits of a Reverse Mortgage

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Lenient Requirements

Obtaining a reverse mortgage requires no FICO qualification and no specific debt-to-income ratio, making it simple and easy to obtain for many borrowers.

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Comfort in Retirement

Many Americans face the difficult prospect of retiring with little or no savings. A reverse mortgage will provide you with non-taxable proceeds that can be used at your discretion, allowing you greater independence and quality of life during your retirement.

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No Debt Assigned to Family

If a loan becomes due as a result of your passing, your spouse and heirs to your estate are left with no debt. Instead, they are given a number of options including selling the property or keeping the home.

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Non-Recourse Loan

Because they’re backed by the government, reverse mortgages are non-recourse loans. This means that if the sale of your home doesn’t cover the balance of the loan, the government will take on the remaining cost rather than burdening you or your family.

Reverse Mortgage Options

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Standard Home Equity Conversion Mortgage

The standard HECM is a federally-insured loan and is the most common type of reverse mortgage. It is available with both fixed and adjustable rates.

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HECM for Purchase

This type of reverse mortgage is ideal for borrowers looking to purchase a new home better suited to their needs while simultaneously obtaining a HECM. With this kind of HECM, the borrower only incurs one set of closing costs instead of two.

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Reverse Mortgage Refinance

The refinance option lets you exchange an existing reverse mortgage for another. It allows you to take advantage of previously unavailable interest rates and rising equity resulting from an increase in your home’s value. It also allows you to add a spouse to your mortgage.

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Single-Purpose Reverse Mortgage

Not all reverse mortgages are government-backed—this variety is offered by local and state government offices and certain non-profit organizations and can only be used for a single, specified and pre-approved purpose.

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Proprietary Reverse Mortgage

A proprietary reverse mortgage is made for senior homeowners with high-value properties who wish to access a greater amount of equity than the standard HECM permits.

A MESSAGE FROM GLOBAL EQUITY FINANCE

“Whether you need money for home improvements, medications, a new vehicle or just a little extra peace of mind, the additional income a reverse mortgage can provide could make life easier for you.”

Roy Koldaro

NMLS ID #1241846 VP of Lending
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VA Fixed Rate Mortgage ​

Perfect for borrowers looking for interest rate stability and affordable payments for the life of the loan. Buy or build a single family home, condo unit in VA-approved development, or manufactured home/lot.

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VA Adjustable Rate Mortgage (ARM)

If you expect to receive Permanent Change of Station (PCS) Orders within five years, a 5/1 VA ARM can offer upfront savings and better flexibility for when you relocate.

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VA Streamline Refinance (IRRRL)

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance your current VA mortgage to a lower interest rate. Streamlined to make refinancing fast and painless, VA does not require verification of income, employment, bank accounts, credit score, or home appraisal.

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VA Cash Out Refinance

For homeowners who want to cash-out home equity to use for expenses such as paying off debt, school tuition, or home improvements. This option can also refinance a non-VA loan (such as FHA or USDA) into a VA loan, and finance up to 100% of the property value.

$1,000 BEST LOAN GUARANTEE​

VA loans are an exceptional opportunity for our Veterans because they offer the lowest rates in the nation, there is no down payment, and fees are capped depending on status. We also offer a $1,000 best loan guarantee: no other lender will beat our Veterans loan programs.

Roy Koldaro

NMLS ID 1241846 V.P. of Lending

Reverse Mortgage Qualifications

Age: Borrowers must be at least 62 years-old to qualify for reverse mortgage eligibility.

 

Basic obligations: Though borrowers are not required to provide a credit score or proof-of-income, they must demonstrate an ability to pay taxes, insurance and homeowner’s association dues, if applicable.

 

Type of home: The home must be your primary residence and you must either own it or have significant equity. Additionally, the home must be well-maintained.

 

Counseling: Before receiving a reverse mortgage, all borrowers and non-borrowing spouses must participate in an informational counseling session. This is designed to educate you regarding the terms and conditions of a reverse mortgage and help you make an informed decision.

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