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Reverse Mortgage Loan

Reverse Mortgage Loan

For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments.


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Benefits


  • No monthly mortgage payments except for taxes, insurance, and maintenance

  • Growing line of credit (applies to unused funds)

  • Increased discretionary cash flow

  • Can sell YOUR home at any time

  • Does not require payment until last living borrower permanently leaves the home

  • Bridge the medicare gap

  • Increase your purchasing power


Eligibility


  • Borrower(s) must be 62 years or older

  • Must be a homeowner and either own home out right or have significant equity

  • Must live in home as the primary residence (live there 6+ months per year)

  • The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo

  • Must meet minimal credit and property requirements

  • Must receive reverse mortgage counseling from a HUD approved counseling agency

  • Must not be delinquent on any federal debt

Home Equity Conversion Mortgage (HECM)


A home loan that allows you to convert a portion of the equity in your home into cash, HECMs are insured by the Federal Housing Administration (FHA) and you can only get one through an FHA-approved lender like Fairway.

Jumbo Reverse Mortgage


Allows you to access more equity on a high-value property. The home value limit you can borrow against with a jumbo reverse mortgage is higher than the current limit you would face with a traditional HECM reverse mortgage ($1,089,300).


HECM For Purchase


A home loan that you can use to purchase a new home. It is designed to make it easier for you to afford a new home that will better fit your needs in retirement.

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