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What you'll like about a Reverse Mortgage
A Reverse Mortgage is simply a government-insured reverse mortgage commonly known as a home equity conversion mortgage (HECM). It's a program designed specifically for homeowners over 62 to use as a form of financial relief. The program lets you access your home's equity like cash without making payments. Here are some benefits:
This truly is a No Income and No credit loan since they are not factors when we qualify you for a Reverse Mortgage – only your age and the amount of equity you have determine how much income you can get.
With any reverse mortgage, you will never make a mortgage payment as long as you live in your home. However, you may make payments if you like.
The Reverse Mortgage loan is insured by the Federal Housing Administration (FHA), which has set a loan limit of up to $625,500 for your reverse mortgage.
There are a variety of reverse mortgage options including both the HECM Standard and HECM Saver available in adjustable and fixed rates. Your Reverse Mortgage Match Expert will walk you through every step, answer all of your questions and help customize your loan for you.
Whether you have a mortgage payment and you'd like to pay it off, or if your home is paid off and you're looking for additional income, reverse mortgages are designed to give you that financial freedom you deserve. Whether you just want to enjoy everyday life, help support a loved one or pay off rising expenses, a reverse mortgage can give you immediate access to your money!
What's the difference between the HECM Standard and the HECM Saver?
The HECM Standard is the typical FHA-insured reverse mortgage as we know it. It's designed for those who need the most money available – allowing you to borrow the maximum amount; however the up-front costs are higher.
The HECM Saver is also an FHA-insured option, and this version carries no up-front mortgage insurance premiums (MIPs). As a result, you could save money, but the maximum amount of cash you can borrow is less than with a HECM Standard.
What's the difference between Fixed Rate and Adjustable Rate Reverse Mortgages?
Glad you asked! Both options provide benefits, depending on your unique needs.
| Benefits | Fixed Rate Mortgage | Adjustable Rate Mortgage |
| Consistent rate for the life of the loan | yes | no |
| Rate adjusts monthly or annually, depending on market conditions | no | yes |
| Proceeds can be issued in one lump sum | yes | yes |
| Proceeds can be issued in a monthly check | no | yes |
| Proceeds can be issued in a line of credit | no | yes |
It's important to evaluate how your home's value, your age and today's interest rates affect these options. Call us today for a complete mortgage review; we'd love to help you decide which program works best for your situation.
Regardless of which program you choose, our reverse mortgages are government-insured loans, by the Federal Housing Administration (FHA). There's never a monthly mortgage payment, and your cash is always tax-free. Also, you'll never face a prepayment penalty, and you can refinance your loan at any time.
If you want to learn more about the process of getting your reverse mortgage, visit our Step-by-Step Process page for all the details!