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Since 1961, the reverse mortgage industry has been working hard to build a product worthy of our nation’s growing senior population. With these ethical safeguards in place, a consumer should feel safe taking a reverse mortgage loan and borrowing with confidence. Together, the Federal Housing Administration and the reverse mortgage industry strive to do everything possible to help our nation’s seniors stay just where they want to be – at home. We are an outstanding and experienced Real Estate Financing Advisor and Mortgage Brokerage Firm established on 1994. We have built a reputation for delivering our promises by living our Mission Statement.
Homeowners seek reverse mortgages for a variety of reasons. This type of financing can be used to supplement a fixed income, receive money to cover expenses, or simply to eliminate monthly housing costs.
With a reverse mortgage there is no loan to repay as long as you are alive, living in the home, and keeping the terms of your loan. You can have the money disbursed to you in the form of a check or a line of credit. Lump sum payments are also popular. The federal insurance on a FHA reverse mortgage provides protection for both the borrower and the lender. In a case where a borrower is receiving monthly installments or has a line of credit, the insurance guarantees availability of funds. In a case where the reverse mortgage balance exceeds the value of the home, the insurance compensates the lender for the difference between what they are allowed to collect from the homeowner and the actual balance of the loan.