What is a Reverse Mortgage?

A reverse mortgage is a lending program for people that have reached their 62nd birthday. It will allow you to create a loan that will have NO monthly payments, pay off any obligations, establish a monthly income or create a fund which you can hold in reserve until you have a need; or just let it continue to grow by accumulating interest. The current interest rate that is being earned is approximately 5%, a rate which is superior to that which is received from savings in a bank.

There are various programs available for you to utilize. There are the HECM plans, which are secured by FHA; the Home Keeper plan which is overseen by Fannie Mae; and there are private plans. The HECM programs are the only ones insured and guaranteed by the Federal Government.

Process Information

Free Reverse Mortgage Calculation