A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash.
The equity that built up over years of home mortgage payments can be paid to you! Unlike a traditional home equity loan or second mortgage, no repayment of the loan is required, as long as the borrowers complies with the terms of the loan. The newer, safer, reverse mortgage is called a Home Equity Conversion Mortgage (HECM), and is insured by the Federal Housing Administration (FHA). Over ninety percent of all reverse mortgages are HECMs. The FHA sets limits on how much a HECM reverse mortgage lender may lend you, some factors they might consider are:
Buy your next home without any mortgage payments using a Home Equity Conversion Mortgage
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. Nationwide Equities examined all aspects of the reverse mortgage to identify multiple opportunities that enhance benefits and reduce cost. As a result, we now offer variable and fixed rate HECMs within our suite of HECM products.
The equity that built up over years of home mortgage payments can be paid to you! Find out how much money you’re eligible to receive with a reverse mortgage.
Be at least 62 years of age
Borrowers must live in the home as their Primary Residence
Own the property outright or paid-down a considerable amount
Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
What Our Customers Are Saying
We are deeply grateful to Nationwide Equities for helping us lift a huge weight off of our shoulders! Everything worked exactly as you explained and we could not be happier. After 50 years of marriage, we are finally taking our first trip to California and aren’t stopping there! Thank you for making that possible.
Getting a reverse mortgage was the best thing we ever did. My wife and I were worried we weren’t going to be able to afford to stay in our home after retirement. It freed up enough money for all of our living expenses and we were even able to make some improvements to the house! The people at Nationwide Equities explained all of our options and were there for us when we decided to choose a reverse mortgage.
Harry C.New Jersey
Did you know?
Americans with No Retirement Savings
Fear They’ll Run Out of Retirement Savings
65 & Older Relying on Social Security Alone
Frequently Asked Questions
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Do I have to pay taxes on this money?
No! The money from a Reverse Mortgage is considered loan proceeds and therefore is not considered income. We do, however, highly suggest speaking with a tax advisor.
Can I ever owe more on the property than it’s worth?
It’s possible, but you or your children will not be held responsible. The Reverse Mortgage is insured by the Federal Housing Administration. This means the loan is non-recourse, so in the event you owe more than the house is worth, the F.H.A. picks up the tab.
Do my spouse and I both have to be 62?
No. Please be sure to inform your loan officer if your spouse is 62 or under.
Can I make payments on my Reverse Mortgage?
Absolutely! Many seniors use the Reverse Mortgage to pay off a current mortgage then set up their own payment schedule to pay off the Reverse. Since you’re not required to make monthly mortgage payments, you choose when and how much you pay.
Why should I get a reverse mortgage?
Supplement retirement income
Pay existing mortgage and debts
Make home improvements and repairs
Purchase a second vacation home
Travel to visit family & friends or vacation
Help out financially struggling family members
What type of properties can I use a HECM on?
The following are eligible property types must meet all FHA property standards and flood requirements:
Single family home or 2-4 unit home with one unit occupied by the borrower
HUD-approved condominium project
Manufactured home that meets FHA requirements
Talk to a Reverse Mortgage Expert Today
We’re here to answer any questions or concerns you may have about a Reverse Mortgage. Call us direct or fill out the form on the contact page to have a reverse mortgage specialist contact you.