Reverse Mortgage Facts
Making Your Future a Success
SAFE EQUITY SOLUTIONS FOR SENIOR HOME OWNERS AND BUYERS
Personalized Mortgage Experience
A reverse mortgage allows homeowners to tap into the equity of their homes, providing them with a steady stream of income or interest bearing Line of Credit without needing to sell their property.
No Monthly Mortgage Payments
Unlike traditional mortgages, reverse mortgages typically do not require monthly mortgage payments. Instead, the loan balance accumulates over time and is repaid when the borrower moves out of the home or passes away.
No Repayment Until You Move
Repayment of the loan is typically deferred until the borrower moves out of the home, either by selling it or passing away. This can provide peace of mind for seniors who wish to age in place.
Stay In Your Home
Seniors can continue to live in their homes as long as they meet the loan requirements, such as maintaining the property and paying property taxes and insurance.
Non-Recourse Loan
Reverse mortgages are non-recourse loans, which means that the borrower (or their heirs) will not owe more than the home is worth at the time of repayment, even if the loan balance exceeds the home's value.
Tax-Free Proceeds
The proceeds from a reverse mortgage are generally not considered taxable income, providing a tax-efficient way to access home equity. Use the cash for anything your want or need, from travel to medical expenses to buying a rental property for cash flow and an appreciating asset to pass on to your heirs - it’s your equity - it’s your money!
Meet Kenn Bartley
Experience the best reverse mortgage experience.
Kenn has been in the mortgage industry since 1992 and has helped thousands for families with their mortgage financing. Now that Kenn is a "seasoned citizen" he is dedicated to helping guide seniors in the right direction when exploring Reverse Mortgage options (aka HECM), and is most proud of advising more seniors to NOT take out a HECM more than advising them to move forward.
"I'm not in this to make a sale. I understand the ramifications. Seniors equity is often all they have, but they can't spend it for life's goals, wants and needs. I know when to say do not do this. I also know when to insist to do this now!"
Don't take our word for it
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
State Licenses
OR #114626
WA #MLO-114626
TX #114626
NV #62183
