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We Specialize as a Reverse Mortgage Company
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Reverse Mortgages Can Be Easy and Hassle Free
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Speak to our knowledgeable loan officer about your specific goals. They’ll help you decide which direction will make the most sense for YOU.
Get a real pre-approval so that you can shop in confidence. HomeMortgage.com has multiple lenders to choose from so that you can get the guaranteed best rate.
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FHA-Insured Reverse Mortgage
As you get closer to retirement, a lot about your life will start to change. You may become an empty nester, start spending more on medical bills, or have more time to spend on hobbies. Whatever changes occur in your life, you need to ensure that you have the money you need to maintain your quality of life. An FHA-insured reverse mortgage can help you do just that.
Here at HomeMortgage.com, we help homeowners qualify for reverse mortgages. If you are 62 or older and are looking for a way to supplement your income, we can help you find a reverse mortgage company in your area.
You’re Now Matched With the Best Reverse Mortgage Company Around
Deciding to apply for a reverse mortgage is just the first step; you also have to find a reputable company to work with. This can take a lot of time and research and generate a lot of stress. Make your life simpler by partnering with HomeMortgage.com. We can connect you to high-quality mortgage companies in your local area, leaving you with more time and energy to spend planning your retirement.
For more information about reverse mortgages, read the information in the yellow boxes. To get matched with reverse mortgage companies in your area, click on either the blue button at the top of the page or the one at the bottom of the page.
Do you need to unlock a supplemental income?
You can use a reverse mortgage to eliminate their existing mortgage and improve your monthly cash flow.
Can afford the cost of maintaining their home?
Trash service. Water and sewer bills. Gutter cleaning. Termite treatment. Pest control. Power-washing. Replacing the siding, windows, roof, fascia, rotted joists, appliances, floorboards, drywall holes. HVAC tune-ups. Reinforcing a crumbling foundation.
The list goes on …
Lets talk today!
Factors that influence reverse mortgage loan amount
- Age (or the age of the youngest spouse in the case of couples).
- Value of home.
- Interest rate.
- Lesser of appraised value or the Federal Housing Administration’s HECM mortgage limit of $636,150.
Don’t plan to move
The reverse mortgage allows you to stay in your home until the last borrower on the loan (or under the current guidelines, a qualified spouse who is under the age of 62 at the time the loan is obtained and is recognized as a Non-borrowing spouse) permanently leaves the residence.
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Are Reverse Mortgage Loans Right For You?
There are times when you need some extra income or some supplemental cash. Maybe you were not able to get a retirement plan figured out before you left the workforce. Either way, you will be looking for affordable options that fit your budget and lifestyle.
You have probably heard of reverse mortgage loans from a friend or a television ad. But what are they exactly? Are they right for you? HomeMortgage.com is here to help you find the answer to these questions.
What are reverse mortgage loans?
According to Investopedia, a publication dedicated to helping its followers understand the ins and outs of complex financial concepts and investing, a reverse mortgage is a type of loan that allows homeowners with considerable home equity to borrow against the value of their home. If you have a home that is worth $250,000 and you only owe $50,000 on your mortgage, you have $200,000 worth of equity. People who choose this type of loan can receive their money in lump sums, a monthly installment, or it can be used like a line of credit. One of the biggest differences between a regular loan and a reverse mortgage though is that the homeowner isn’t required to make payments until they sell the home or pass away.
The most common type of reverse mortgage loan is called a Home Equity Conversion Mortgage, or HECM for short.
Pros of a reverse mortgage
- They can provide help for seniors who have most of their net worth tied into their home.
- There are Federal regulations in place that make it so any lending company has to structure the loan in a way that the amount won’t exceed the home value. Should the loan amount exceed the value of the home, the borrower or their estate are not held responsible for the difference. This is important should the housing market crash, or the borrower live for a long time past the start of their loan.
- When the house is sold, any money that is made over and above the loan amount, interest fees,and mortgage insurance goes straight to the borrower or the borrower’s estate.
- Any money borrowed through a reverse mortgage is not taxable. The IRS sees it as a loan advance, not as income earned.
- There are no income or credit requirements to qualify for this type of loan.
- Lenders are required to give the loved ones who inherited the home several months to decide if they want to pay off the mortgage, or allow the lender to sell the home to pay off the loan.
- It’s possible to use a reverse mortgage to buy another house. This loan is called a “HECM for purchase”, and allows you to buy a house other than the one you’re currently living in.
- Depending on the type of loan you choose, there is almost no limit to how much money you can borrow against the value of your home.
- You pay an annual mortgage insurance premium of 0.5% on the amount instead of 1.25%. It saves borrowers money and helps offset the cost of the upfront premium fee. This also means your debt grows more slowly, and increases the chances you’ll be able to pass on your home to your loved ones.
Cons of a reverse mortgage
- Because the loan amounts are so large, these types of loans can easily be subject to scams.
- Taking out this kind of loan can use up a significant amount of the equity you’ve worked so hard to put into your home. This sometimes means you won’t be able to pass your home along to loved ones after you pass away.
- If you outlive the benefits from your reverse mortgage, you may be stuck with no available money after a while and depleted equity in your home.
- Co-ops, townhomes, condos and manufactured home may or may not be eligible for reverse mortgage loans.
- If you stop living in your home for longer than a year you must repay the amount of your loan, even if it means selling your house. This applies even to those who have medical problems that require them to move to a care facility.
- You are required to keep your home in good repair, stay up to date on property taxes, and keep homeowners insurance. This isn’t necessarily a con as you should do these things anyway. But keeping up on maintenance might be a daunting task for some. You might consider setting some money aside for repairs or renovations.
- There is an upfront premium of 2.0% of the value of your home when you take out your loan, not for what you originally purchased your house for.
Should you get a loan like a reverse mortgage? Do you qualify?
Ultimately, if this loan only fixes a short term financial problem, and not any long term ones, it may not be worth the risk. It might be a good idea to speak with a financial advisor, a lender who specializes in reverse mortgage loans, or a company like HomeMortgage.com to see how well it would benefit you and your specific situation. A home equity conversion loan can be an incredibly useful tool for those over the age of 62 who are looking for a supplemental income or an option for financial retirement.
To qualify for a reverse mortgage loan you must:
- Be over the age of 62.
- Own your home free and clear, or have at least 50% equity in your home.
We are here to help with the hassle.
Finding the right mortgage company to work with you on your reverse mortgage loan can be a painful process. Many people find it difficult to find the perfect company that will offer them the best deal for payouts, interest rates, customer service, and repayment plans. HomeMortgage.com is dedicated to matching you with the most reputable and quality centered companies in your area. Let us handle it so that you can spend your valuable time planning out and enjoying your retirement.
We work with a large group of mortgage brokers in areas including:
- Queen Creek
- Sun City West
- Litchfield Park
- Paradise Valley
- Casa Blanca
- Chandler Heights
- Sun Lakes
- Cave Creek
Here, there, and everywhere in between. Let us be your partner in finding the right retirement solution for you!