Wholesale Partner Login
Enter your partner email below to receive a login link.
Frequently asked questions
-
As a government-insured and federally regulated mortgage loan, there are several important requirements borrowers must meet to qualify.
- You must be at least 62 years old.
- You must own your home.
- The home must be your primary residence.
-
The most common type of reverse mortgage is the home equity conversion mortgage (HECM) and is highly regulated and insured by the Federal Housing Administration (FHA). It’s a financial tool that allows homeowners 62 and older to cash out the equity in their home without the requirement of a monthly loan payment.
Unlike traditional home mortgage loans, a reverse mortgage provides homeowners with payouts from their equity as a loan. The loan is due and payable using the proceeds of the sale of the home or the proceeds from a refinance when the last borrower or eligible non-borrowing spouse moves out of the house or dies.
-
A reverse mortgage converts a portion of your home equity into tax-free cash. You can establish a line of credit that grows larger over time, receive predictable monthly payments, or receive a lump sum. There are no monthly mortgage payments required, although you are allowed to make payments if you so choose. You do not give up ownership of your home and you can still pass your home on to your heirs.
-
Yes. This is exciting news for those wanting to downsize, upsize, move to a senior community or closer to family. The FHA Home for Purchase loan allows qualified homeowners to purchase a primary residence with no monthly mortgage payment in one transaction.
-
Yes. Just like any other mortgage, you will continue to own your home as long as you meet the loans basic requirements.
A reverse mortgage allows homeowners to retain the title and ownership of their home for as long as they live in the home and the loan remains in good standing. Like other loans, this requires the borrower to keep up with property taxes, insurance and maintenance.
-
Loan costs are similar to those of a traditional mortgage and are federally regulated. Most costs can be paid from the proceeds of the reverse mortgage and may include an origination fee, title insurance, FHA mortgage insurance and appraisal.
-
- Pay off existing mortgage
- Age in place – staying in your home long-term
- Supplement your income
- Cover medical expenses
- Help your family members
- Create a “stand by” line of credit for future expenses
- Provide flexible sources of monthly cash flow outside of retirement accounts
-
After the home is sold and the reverse mortgage is paid off, all remaining equity will belong to your heirs. No other assets besides the home are used to secure the loan. If your heirs desire to keep the home, they will be responsible for the remaining loan balance or 95% of the appraised value of the home, whichever is less.
-
Like most mortgage loans, you will need to meet basic obligations.
These include:
- Paying ongoing property taxes, insurance and association dues if applicable
- Maintaining home repairs
- Living in the home as your primary residence
-
As a government-insured and federally regulated mortgage loan, there are several important requirements borrowers must meet to qualify.
- You must be at least 62 years old.
- You must own your home.
- The home must be your primary residence.