About Reverse Mortgage

A reverse mortgage is a loan available to homeowners, 62 years or older that allows them to convert part of the equity in their homes into cash. The product helps retirees with limited income, to use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care, or any other need they may have, as there is no restriction on how reverse mortgage proceeds can be used.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower

Reverse Mortgage Benefits and Highlights

  • Borrower is not required to pay back the loan until the home is sold or otherwise vacated.
  • Borrower is not required to make any monthly payments towards the loan balance, as long as they live in that home.
  • Borrower must remain current on property taxes, homeowners insurance and homeowner’s association dues (if applicable).

For a list of documents required upon closing, please click here: CHECKLIST

Our licensed and experienced mortgage professionals are ready to answer any questions that you may have. Please call us at (562) 203-6026