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Reverse Mortgage Loan Programs Metrocities Mortgage is a U.S Department of Housing and Urban Development (HUD) approved reverse mortgage lender and a member of the National Reverse Mortgage Lenders Association (NRMLA). We expertly and ethically guide seniors through the reverse mortgage process in order to provide them with the quality of life and financial freedom they deserve. Please contact us today at (800) 464-2484 x 3393 if you would like to receive a free, no-obligation consultation on whether a reverse mortgage is right for you or your loved ones. Free rate quotes are also available. Reverse Mortgage Information and Resources
For more information about reverse mortgages, please view the Reverse Mortgage Basics and Frequently Asked Questions. Additional resources are also provided for your convenience. Reverse Mortgage Frequently Asked Questions U.S. Department of Housing and Urban Development Reverse Mortgage Web Page National Reverse Mortgage Lenders Association NRMLA Reverse Mortgage Loan Calculator AARP Reverse Mortgage Web Page AARP Reverse Mortgage Loan Calculator Reverse Mortgage Basics
Until recently, there were two main ways to utilize your home to obtain cash – selling it or borrowing against it and making monthly loan repayments. A reverse mortgage provides you with a third option to get money from your home, without having to sell it or make regular loan payments. You must be at least 62 years of age to qualify for a reverse mortgage. Frequently Asked Questions About Reverse Mortgages
What is a Reverse Mortgage? How does a Reverse Mortgage Work? Who is eligible for a Reverse Mortgage? How much can I borrow? Are there restrictions on how I can use the money? Why should I consider a Reverse Mortgage? How can I receive more information about getting a Reverse Mortgage? Return to Top What is a Reverse Mortgage?
A Reverse Mortgage is a loan against your home that you do not have
to pay back for as long as you live there. Think of it as a mirror image
of a Traditional Mortgage. With a Traditional Mortgage you borrow money
to buy a house and make regular payments to the lender until the loan
is paid off with interest. With a Reverse Mortgage the opposite occurs:
the lender makes payments to you and the debt is paid off later.
Return to Top How does a Reverse Mortgage Work?
Here is an example of how a reverse mortgage works: A couple in their 70s has paid off a 30-year mortgage on their home. The home has been appraised at $250,000. By taking out a reverse mortgage, the couple can borrow up to 65 percent of the home’s value, or $163,000. They can receive the payment as a lump sum, a regular monthly advance or a line of credit when needed and they will not have to make repayments as long as they live in the home. Reverse mortgage loans are repaid in full, including all interest and other charges, when the last living borrower dies, sells the home, or permanently moves away.
Return to Top Who is eligible for a Reverse Mortgage?
Borrowers must be at least 62 years of age and have some equity built up in their home. As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be. There are no income or credit requirements to qualify and you may even be eligible for a reverse mortgage if you still owe money on your first mortgage. Additionally, owners must occupy the home as a principal residence.
Return to Top How much can I borrow?
The amount of benefit for which you qualify depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates, and for some products, where you live.
Return to Top Are there costs for getting a
Reverse Mortgage?
The costs associated with getting a Reverse Mortgage are higher than
those associated with a Conventional Mortgage. With a Reverse Mortgage,
all of these costs can be financed as part of the mortgage.
Return to Top
Are there restrictions on how I can use the money?
No. There are no restrictions on how the cash can be used. Many reverse mortgage borrowers use the money to supplement their retirement income and apply the extra cash to a variety of options including: • Home Improvements And the money is exempt from taxation, as funds from a reverse mortgage are considered loan proceeds, not income.
Why should I consider a Reverse Mortgage?
Seniors today face more challenges than ever before. Mounting health care bills and reduced retirement incomes have threatened the quality of life for many older Americans. Reverse mortgages can be an effective way for homeowners aged 62 or older to get extra income by accessing the equity they’ve built up in their homes. Reverse mortgages are federally insured, and free third party counseling is required. *Consult a tax advisor for details. |
Please contact our Reverse Mortgage Specialist Bill Evans at (800) 464-2484 ext. 3393.
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Metrocities Mortgage, LLC, located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403, is a Delaware limited liability company licensed by the California Department of Corporations under CRMLA. Arizona Mortgage Banker License #BK0903027; Georgia Residential Mortgage License #16984; Illinois Residential Mortgage Licensee #6424; Kansas Supervised Loan License #2002-4365; Massachusetts Mortgage Lender/Broker License #MC2011; Mississippi Registered Mortgage Company; Licensed by the New Hampshire Banking Department; Licensed Banker-New Jersey Department of Banking and Insurance #9932415; Registered Mortgage Broker – NYS Banking Department; Ohio Mortgage Broker #MB803629; Pennsylvania Department of Banking #1740 and licensed pursuant to the Secondary Mortgage Loan Act; Rhode Island Licensed Lender #20021343LL; licensed by the Virginia State Corporation Commission as MLB-786. This is not an offer to enter into a rate lock agreement under Minnesota law. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.
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