Unlock Your Home’s Equity with a Reverse Mortgage
If you’re 62 or older and looking for ways to access your home’s equity without having to sell or make monthly mortgage payments, a reverse mortgage could be the solution. With an FHA-insured Home Equity Conversion Mortgage (HECM), you can receive funds for retirement, home improvements, or other expenses—all while staying in your home.
How a Reverse Mortgage Helps
A reverse mortgage turns your home equity into cash with no monthly payments, providing more financial flexibility while you continue to live in your home.
Benefits of a Reverse Mortgage
No Monthly Mortgage Payments
A reverse mortgage allows you to eliminate monthly mortgage payments, providing more financial freedom.
Stay in Your Home
You remain the owner of your home as long as it’s your primary residence and you meet loan obligations such as property taxes and insurance.
Access Your Home’s Equity
Turn your home’s equity into cash, which can be used for medical expenses, home repairs, or other financial needs.
FHA-Insured Protection
Reverse mortgages are backed by the FHA, meaning you’ll never owe more than the home’s value when the loan is repaid. Any remaining equity will go to your heirs.
How Does a Reverse Mortgage Work?
A reverse mortgage lets you borrow against your home’s equity without needing to make monthly payments. The loan is typically repaid when the home is sold, the last borrower passes away, or moves out of the property.
Steps in the Reverse Mortgage Process:
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Eligibility Check: Confirm you’re 62 or older and that your home is your primary residence.
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Application: Work with a lender to apply, which includes a financial assessment and home appraisal.
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Receive Funds: Access your funds as a lump sum, line of credit, or monthly payments.
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Repayment: The loan is repaid when the home is sold, or the homeowner moves out or passes away.
Types of Reverse Mortgages
Home Equity Conversion Mortgage (HECM)
The most common type, insured by the FHA, with flexible options for receiving funds.
Single-Purpose Reverse Mortgage
Typically offered by local governments, these loans are used for specific needs like home repairs or property taxes.
Proprietary Reverse Mortgage
Designed for homeowners with high-value properties, these loans may offer larger loan amounts than FHA-insured options.
Who Can Qualify for a Reverse Mortgage?
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You must be at least 62 years old.
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The home must be your primary residence.
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You should own the home outright or have a low mortgage balance that can be paid off with the reverse mortgage proceeds.
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You must be able to cover ongoing costs like property taxes, insurance, and home maintenance.
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What is a first-time homebuyer program?First-time homebuyer programs are designed to make homeownership more accessible by offering benefits such as down payment assistance, lower interest rates, and special loan options. These programs can reduce the financial barriers to buying a home.
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How do I qualify for first-time homebuyer assistance?To qualify, you typically need to meet certain income limits, have a minimum credit score (often around 660), and be purchasing a home for the first time. Eligibility requirements can vary by state and program.
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What kind of assistance can I get as a first-time homebuyer?First-time homebuyers may receive down payment assistance, closing cost help, or low-interest loans. Some programs offer grants or forgivable loans that don’t need to be repaid if certain conditions are met.
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Can I combine different homebuyer assistance programs?In most cases, assistance programs like Keystone Advantage cannot be combined with other PHFA programs, except for specific situations such as pairing with the Access Modification Loan Program for buyers with disabilities.
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How much can I borrow for down payment assistance?Qualified borrowers can typically receive up to 4% of the purchase price or a maximum of $6,000 through programs like the Keystone Advantage Assistance Loan.
How It Works:
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Schedule Your Free Consultation
Fill out the form to start your journey. One of our experienced advisors will reach out to discuss your needs.
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Get Pre-Approved
We’ll walk you through a quick and easy pre-approval process tailored to your situation.
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Close on Your Dream Home
With our expert guidance, you’ll secure the right mortgage and move in with confidence!