Reverse Mortgage

A Reverse Mortgage/HECM product is a government loan insured by the Federal Housing Administration (FHA) and is available to homeowners or homebuyers who are 62 years of age or older. By accessing your home’s equity, the loan doesn’t require a monthly mortgage payment and can help free up cash for a variety of financial needs. Some of the features of this loan are:

  • The loan-to-value calculation is based on current interest rates, age of the youngest borrower and the appraised value of the home you are financing.
  • Borrower(s) must occupy the home, continue to pay their own taxes and insurance and maintain the home according to FHA requirements.
  • Income and credit are not key qualifying factors. Your age and the amount of equity in your home determine your reverse mortgage proceeds amount.
  • As long as you live in your home, you won’t have to make a mortgage payment unless you want to do so.
  • You retain title to your home until you decide to sell and you can never owe more than the selling price of the home at the time the loan is repaid. This is a non-recourse loan.
  • When the loan is due, your heirs have choices – they can repay the loan and keep the home, or sell the home and repay the loan.
  • Closing costs and fees incurred are financed as part of the loan.
  • The proceeds can be used to supplement retirement income, cover daily living expenses, repair or modify your home, pay for health care, pay off existing debts, buy a new car, take a “dream” vacation, pay property taxes or prevent foreclosure.

Reverse Mortgage Loan Products

  • HECM Saver Fixed-Rate
  • HECM Adjustable-Rate
  • Jumbo Reverse Mortgage (not available in all states)
  • Refinance Product
  • HECM Purchase Product

Reverse Mortgage Calculator  »

Get Started Now. Print a copy of our Reverse Mortgage Inquiry Form  »

Have questions and want to speak with a Reverse Mortgage Specialist directly? Call
800-459-5331 and ask for Joyce Hanson. To reach her directly dial 425-732-3349 or click here to email.