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Reverse Mortgage Refinance

The reverse mortgage or Home Equity Conversion Mortgage (HECM) works the opposite as a traditional mortgage.  The borrower is not required to pay back the loan until the home is sold or otherwise vacated.

The reverse mortgage is only available to home owners ages 62 and older.  The amount of money you can withdraw is largely based on the youngest borrower on the loan.  Use our calculator to see what you may qualify for.

Here are some requirements and responsibilities:

  • All borrowers listed must be 62 year or older. Married couples must both be on the reverse mortgage. There are exceptions if you are within six months of turning 62.
  • The property used as collateral must be used as the primary residence of the borrower(s).
  • All existing liens must be paid off by using the proceeds of the reverse mortgage.
  • The borrower must remain current on all real estate taxes, homeowners insurance, and any other mandatory obligations directly associated with the property.
  • Borrowers are responsible for maintaining the property and completing any repairs needed.
  • You must receive mandatory counseling with an independent agency approved by the US Department of Housing and Urban Development.

With a reverse mortgage, the borrower retains ownership of the property.  Further, the borrower will never owe more than the home is worth regardless of how much they borrow or if the property value decreases over time.  You or your heirs also keep the difference if the balance owed is less than your home’s value at the time of repayment.

Deciding whether a reverse mortgage is right for you can be confusing.  Allow our licensed reverse mortgage specialist, Peggy Loar, to assist you in making the decision.  Click below to get started today.

Reverse Refinance
Minimum FICO
Credit Score
None
Maximum
Loan To Value
45% to 75%
Maximum
Debt To Income
*
Mortgage
Insurance
Yes
Years Since
Bankruptcy
2
Years Since
Foreclosure
*
Years Since
Short Sale
*
Special
Qualification
Requirements
62+
years of age
Reverse Refinance
Minimum FICO
Credit Score
:
None
Maximum
Loan To Value
:
45% to 75%
Maximum
Debt To Income
:
*
Mortgage
Insurance
:
Yes
Years Since
Bankruptcy
:
2
Years Since
Foreclosure
:
*
Years Since
Short Sale
:
*
Special
Qualification
Requirements
:
62+
years of age

*Qualification determined on a case by case basis. Speak to our Reverse Mortgage expert for more details.