A reverse mortgage is a loan option for homeowners 62 years or older that allows them to access the equity in their home without having to sell it or make monthly payments. Instead of paying the lender, the lender pays the homeowner, usually in the form of a lump sum, monthly payments, or a line of credit. The loan is then repaid when the homeowner sells the home or passes away.
With a reverse mortgage, the homeowner continues to own the home and is responsible for property taxes, insurance, and maintenance. If the loan balance grows larger than the value of the home, the homeowner or their heirs are not responsible for the difference.
It is important to carefully consider the terms and fees of a reverse mortgage, as well as the impact it may have on other financial plans, before making a decision. It may be a good option for someone who wants to supplement their retirement income or access the equity in their home for other expenses.
Please contact me with any questions regarding reverse mortgages and any misconceptions you might have.
Recap of our Loan Products:
- Stated Income Loans (No Tax Returns, no W-2s, No P&L) up to $3M
- Bank Statement Income Loans (Great Bank Statement Programs for business owners and self-employed)
- Hard Money Loans (As low as 20% down / minimal documentation) Fund in 7-10 days
- Flipper Loans (Flip a property with one of our many options) up to 90% leverage
- Commercial Line of Credit
- 100% Financing (cross collateralize- hard money)
- Foreign Nationals Loans (no social security or residency required)
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up to $500M
- 2nd Position Loans up to $5M
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Farms, Vineyards, Ranches and Agricultural Properties (20-30% down)
- 10% down Jumbo’s with NO MI up to $1.5M
- Manufactured Housing / Mobile Homes (20% down / 620+ credit score)
- Acreage Properties
- Commercial Loans up to $500M
- 5% down Jumbo (Up to $2M Lender paid PMI)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $548,250)
- High Balance Conforming aka Super Conforming (from $548,250-$822,375)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, VA, USDA
- ARM’s
- Reverse mortgages up to $10 Million Value
We are Non-QM Specialists! No tax returns! We use 12-24 months bank statement cash flow for self-employed borrowers and business owners.
CALL ME NOW for immediate attention to your scenario.
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