What Is a Reverse Mortgage?
A reverse mortgage allows you to borrow against the equity you’ve established in your home. To be eligible, you must be age 62 or older and own your home free and clear, or have a remaining mortgage balance that can be paid off by the reverse mortgage. You’ll want to consult a tax advisor to confirm this, but in most cases, a reverse mortgage gives you access to tax-free funds. Instead of making payments, you can choose to receive them, thus the “reverse.” You can also now purchase a home with a Reverse Mortgage and make no payments as long as you live in the home, pay your property taxes and insurance, and maintain proper upkeep of the property. Ask your Reverse Mortgage Specialist for more information.
Why Get a Reverse Mortgage?
There are no restrictions on how you may use proceeds received through a reverse mortgage. You can direct the funds toward a variety of purposes, including:
- Supplementing retirement income
- Planning for long-term care needs
- Remodeling or repairing your home
- Covering health care expenses
- Paying property taxes
- Growing your investment portfolio
- Even to purchase a second or vacation home
- Reducing high-interest debt
Reverse Mortgage Eligibility
Reverse mortgage eligibility requirements are quite simple. There are no income, employment or credit qualifying restrictions. All homeowners must be age 62 or older and occupy the property as their principal residence. The home must be owned free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgage. The property must be a single-family or a one-to-four unit, owner-occupied dwelling. Townhomes, detached homes, condominium units, planned unit developments (PUDs), and some manufactured homes are eligible. The home must meet Department of Housing and Urban Development (HUD) minimum property standards. In some cases, home repairs can be made after a reverse mortgage closing.
Contact us for more information, and to see if a reverse mortgage is the right option for you. One of our loan officers can answer your questions and see if you qualify.
- Mike and Shelley
Patti has been extremely helpful to us. the combination of her thorough knowledge of the mortgage business and her grasp of the current mortgage environment along with her naturally genuine, high touch approach have made home buying and refinancing so much easier to digest. We will work with her every time and have gladly referred her to friends and family, who have all had the same comments about her. I would recommend her to anyone.
Patti is the very best at what she does. She is extremely detailed, makes sure that every aspect of the process is communicated and goes out of her way to make things run as smooth as possible. Patti is very professional and knows how to get things taken care of. We would not have a mortgage today if it wasn't for Patti. We recommend her to all of our friends and family looking to buy a home.
Patti assisted me with refinancing two times. She stayed on top of things and kept me informed as to how things were progressing. Patti is a true professional and I wouldn't hesitate to utilize her services in the future.
- Overall Affloans did an outstanding job. Fred Arnold paid close attention to our situation and he stepped in whenever there was a need. We were seeking a large loan and so I initiated a mortgage request with three companies, one of which was a large bank. Of the three Affloans outperformed the other two in almost every metric, the most important one being the appraisal of the property on which we were raising the mortgage. The Affloans appraiser was far more professional than the other two.
- Jake is very thorough and good at explaining all the details. His promptness and being on top of things was greatly appreciated.
- I can't imagine having anyone other than Patti helping us with the financing of our new home purchase. My husband and I are first time home buyers and Patti walked us through every step so that we knew exactly what was happening and why. Patti made the mortgage process so easy!Jennifer
- Fred Arnold is the best mortgage broker in LA. Helped me get my place in Sherman Oaks with a great rate without any complications. Thank you Fred !!Dan
- Thank you Patti for your honesty and hard work in helping our family lower our interest rate. We greatly appreciate you and your work.Marc and Rachel