Who qualifies for a reverse mortgage? How does a reverse mortgage work?

You have to be 62 or older and have a qualifying home with available equity. They do not use your income, credit score, or debt ratios to qualify you.

You are going to borrow some money, your loan is going to grow over the years and get larger because there is interest and a monthly service fee added to your loan balance each month.

Your loan grows virtually on paper, you are sent periodic loan statements informing you on how your loan is progressing.

But the other part of the equation is that your property should continue to appreciate. Through out history real estate has continued to appreciate in the United States. Different parts of the country experience different appreciation growth rates.

So even though you have borrowed money from this loan, your home should continue to appreciate.   There will be a balance of what the appreciation values are in your area of the country and what the reverse mortgage interest rates do over the years for your loan.

You have the ability to use as little or as much of the reverse mortgage benefit that you need.

So it is very possible to use a little bit of the equity, help supplement your income, and still be able to leave an inheritance for your heirs. Be aware that appreciation values are different in all parts of the county.

Will I still own my home?

You will retain full ownership rights of the property!

The loan is insured by HUD to protect you from a worse case scenario.

If your home does not appreciate in value, during the life of the loan, they will only look to your home for repayment. There is no personal liability for this loan, so you or your heirs will not need to pay off the difference of your loan if it should grow larger than the value of your home.  FHA requires mortgage insurance as a safe guard to protect you.


How much do I qualify for?

The amount of benefit you qualify for will be different for everyone and is complex.  There are many variables that are considered in analyzing your situation to determine the benefits available to you.  Basically your age, the value of your home, the amount of the FHA reverse mortgage lending limits for your county and if you have any existing liens or mortgages, all have to be considered. 

This is one of the first times that the government is rewarding you for getting older.  The older you are the more you will qualify for.  Also the lower the interest rates are, the more benefit will be available for you.

The best way to find out how much you will qualify for with a reverse mortgage is to contact a local direct lender.  They are authorized and have the ability to work up a detailed analysis using a special reverse mortgage calculator.  Using your specific information they can show you the benefits available to you. 

This valuable report will disclose the current interest rates, the fees that it takes to put the program in place, the various disbursement options that are available for you to receive your funds. You could get a Lump Sum or a Monthly Payment option or a HECM line of credit draw. They also provide you with an amortization chart giving you an idea of how your loan could progress through the years.

Click Here To Get Started Now – Talk with a local direct lender to get free reverse mortgage information.

Or check out the online calculator – Reverse Mortgage Calculator

How does the loan get paid back?

There is no repayment of this loan as long as you reside in the residence, therefore there are no monthly payments required.

The loan becomes due when the last borrower vacates the property.

At the time the home is vacated by the last borrower, the heirs will inherit the home, but there will be a loan balance that will need to be satisfied.

Basically the heirs have two choices. If they want to keep the home, they will need to pay the loan off with their own money or obtain other financing to pay off the reverse mortgage.

Or if they want to sell the home they allow the heirs to sell the property, payoff the reverse mortgage and keep the retained equity. There are no payments required while they are trying to sell the home.  When the home sells, the loan is paid off and the difference, the retained equity is available for the heirs to split up amongst themselves. 

They give them generous time to make the arrangements.

Where can I obtain a Reverse Mortgage?

We can help you get things started with a reverse mortgage direct lender.

Our clients benefit from our free service by having direct access to the nation’s leading reverse mortgage lenders who are recognized in the industry as leaders that provide guidance and have developed an in-depth understanding of the reverse mortgage financial industry.

The lenders we work with have a nationwide presence and have a national team of local consultants located in every state who are Certified Reverse Mortgage Specialists. We can help put you in touch with a direct lender’s local specialist!

Click Here To Get Started Now – Talk with a local direct lender to get free reverse mortgage information.

Benefits of consulting with a Direct Reverse Mortgage Lender verses a Loan Broker

The reverse mortgage lender and the level of service they provide is one of the most important decisions you will have to make when considering a reverse mortgage.

Using a direct lender has many benefits.

They offer a valuable competitive advantage and can provide a less expensive and more manageable loan process. From the initial originating of your loan, through servicing, a direct lender has greater control and more experience.

How does a Reverse Mortgage Direct Lender work?

A direct lender is a company that provides full servicing throughout the processing of your loan and provides post closing administration for the money disbursements to you over your lifetime.

These companies have access to special programs and rates that are only available to them. Direct lenders also tend to attract the best talent and have unique resources available to them.

They require their professionals to specialize and go through comprehensive reverse mortgage training in order to obtain the certifications needed for their field. Direct lenders are routinely audited to ensure they are following strict compliance regulations.

Their professionals need to know the reverse mortgage programs thoroughly, they have to keep up with the reverse mortgage industry’s changes and are held accountable to ensure they abide to a strict code of ethics.

Reverse Mortgage Direct Lender’s Scope of Services

Consulting - A direct lender can offer you an exceptional consulting experience in presenting accurate information on the program due to the extensive training requirements of their professionals.

Origination - When you start your loan they can ensure your application is processed in a timely and accurate manner through state of the art technology systems.

Processing - They can offer a more streamlined loan processing experience, resulting in faster more efficient loan closings. They have a greater flexibility in underwriting.

Servicing - A direct lender services their own loans. Post closing servicing is an important factor and often an oversight and not usually though of in the process. This is the company you will be dealing with after the loan closes that provides you with ongoing loan statement information and benefit disbursements on your loan for years to come.

Click Here To Get Started Now – Talk with a direct lender to get free reverse mortgage information.

How does a Loan Broker work?

Loan brokers are intermediaries, separate from the financial institution that actually lends money. A broker cannot actually approve or decline your loan application.

In summary a Broker is a middle man of sorts that receives a commission for bringing new business to the lender.

They have the capability to offer a wide variety of loan programs from many lenders. They know a little bit about all of the products they offer, but not the in-depth knowledge of complex specialty programs like reverse mortgages that continues to constantly evolve.

The broker’s disadvantage is that they lack control over the processing and servicing of the loan. Once the loan is closed they have no more involvement and there is a complete disconnect to the borrower. Brokers also can be fairly expensive.

Ask yourself this – “Who would you trust your money with?” An unknown named broker who’s company may have only been around for several years or a direct lending institution that has a proven track record with reverse mortgages that will be around for years to come?

Meet People Already Enjoying A BIGGER Retirement Income With A Reverse Mortgage!

These are the stories of satisfied customers who have found good reasons to acquire a reverse mortgage.

Many of the reasons are different but they all have one thing in common, it placed them into a better financial position. We were there to lend a helping hand!

Needs Based Reason

Mr. Scott - Texas
FHA HECM Reverse Mortgage - Monthly Adjustable "I was in a really bad need of some additional money to help pay my bills. Social Security just was not enough for me to make ends meet. A friend told me of the government HECM reverse mortgage program. I wanted to find out as much information as I could about the government HECM program. I contacted www.reverseinsight.com they helped put me in contact with a local reputable lender who helped explain many things to me about the program. They answered all my questions and gave me a complete information package on the program, and told me how much I would qualify for. A reverse Mortgage was what helped me get the money I needed. Now I am in a much better situation. I am very thankful that there was a program like this to help me".


Wants Based Reason

Mr. Mrs. Stevens - Florida
FHA HECM Reverse Mortgage - Monthly Adjustable "We were looking into our options of getting some type of loan so we could do more traveling in our senior years. When I first found out about this program I was very skeptical. This sounded too good to be true. I wanted to know what is the catch to all this. I contacted www.reverseinsight.com they helped put me in contact with a local direct lender who helped explain many things to me about the program. As I learned more about the program, I found out that it was a safe government program for seniors to get money from their home with no payments! We decided to go ahead with it. We just went on our first boat cruise to the Caribbean, we have not been able to in years! We really enjoy traveling and look forward to many more trips. Thank You."


Needs Based Reason

Ms. Hansen - Michigan
FHA HECM Reverse Mortgage - Monthly Adjustable "I was having a hard time with medical bills and the increase in my prescription costs. After my husband died 4 years ago I have been living off of only my social security which is much less than what we used to receive together. The HECM reverse mortgage program allowed me to get the money I needed to help make ends meet. I don't know what I would have done without this program. I feel a lot better now that I don't have to worry about those medical bills."

Wants Based Reason

Ms. Cormier - Florida
FHA HECM Reverse Mortgage - Monthly Adjustable

”Some time ago I became interested in a reverse mortgage it was a new thing on the market and was available to individuals that had reached the age of sixty-two. I did not want to have a monthly payment, as with a traditional equity loan, and felt the equity in my house was lying dormant and I needed the money now. So I waited for a few years and then I started looking into it. My reverse mortgage specialist placed the wheels in motion for me. They made the whole process stress free. They were there every time I needed to ask questions and always returned my calls. Everything was explained in detail and in words that were easy to understand. I now have my reverse mortgage and I am able to use the funds for my immediate needs. I am very happy with my reverse mortgage. Thanks so much www.reverseinsight.com you made it easy for us.”


Estate Planning Based Reason
Mr. Mrs. Fleming - Illinois
Cash Account Advantage Cash Out- Reverse Mortgage

”We were looking into financial planning ideas that would place us in a better financial position with our main concerns focused on our estate. www.reverseinsight.com helped put me in contact with a local reputable lender who informed us about the Cash Account program. We found out that by leveraging our equity and investing the proceeds into a simple single premium life insurance product that we would be able to help provide our heirs with a much larger inheritance!”

Financial Planning Based Reason
Mr. Mrs. Hemmingway - Florida
FHA HECM Reverse Mortgage - Monthly Adjustable

”With the rise in health care costs we were concerned about our future. We wanted to buy a long term health care insurance plan so that if, and when, we became in need, the care providers would come to the comfort of our home and take care of us. The insurance was more expensive than we had expected and we did not want to invest all of our retirement savings. We heard about the HECM reverse mortgage program and decided to learn more about it. www.reverseinsight.com helped put us in contact with a local direct lender and took all the guess work out of it. It turned out to be a great investment for us and we feel reassured knowing that we now prepared for the future.”


Reverse Mortgage Insight – Our Value to You

We have exclusive agreements between the nation’s best direct lenders. We can help by facilitating communication with them and ensure you receive the support you need to get your reverse mortgage loan started safely and efficiently. We are a leading resource that organizations rely on. We only work with the largest and most successful reverse mortgage direct lenders in the nation. Our clients benefit from our free service by having a direct access to the nation’s leading direct reverse mortgage lenders who are recognized as the industry leaders that provide guidance and have developed an in-depth understanding of the reverse mortgage financial industry.

The lenders we work with have a nationwide presence and have a national team of local consultants located in every state who are Certified Reverse Mortgage Specialists. We can help put you in touch with a reverse mortgage direct lender’s local specialist!

Click Here To Get Started Now – Talk with a direct lender to get free reverse mortgage information.