A borrower who uses an FHA-insured Home Equity Conversion Mortgage (HECM) will receive a reverse mortgage amount based on a formula which includes a Maximum Claim Amount. This means the maximum amount you can receive will be determined by factors including the age of the borrower(s), and the appraised value of the property (or the maximum FHA Mortgage Limit for your area, if lower). You should discuss the formula with one of our Reverse Mortgage specialists.

The proceeds from a reverse mortgage can be used for anything: daily living expenses; home repairs and home improvements; medical bills and prescription drugs; pay-off of existing debts; education; travel; long-term health care; retirement and estate tax planning; and other needs you may have.


There are four ways in which you can receive the money from your Reverse Mortgage, they are:
 

1. Line of Credit: You make withdrawals whenever you choose, in whatever amount you’ve chosen, up to your maximum principal limit.

2. Lump Sum: Take all or any part of the loan at the time you close.

3. Tenure Plan: You receive fixed monthly payments as long as you own and occupy the home as your principal residence.

4. Combination: Within certain limits, you may combine the lump sum or tenure options with the line of credit.

To obtain a quote on the amount available to you, simply contact one of our Reverse Mortgage Specialists at 800-794-9796, or you can fill our our online application. There is no cost or obligation. You will be provided with a Mortgage Comparison Chart that will allow you to view all of your options.

Are there any restrictions on how I can use the loan?
No. Use it to pay medical bills or property taxes, repair your home or improve your quality of life.

When do I repay the loan?
Reverse mortgages are designed to eliminate the burden of making monthly mortgage payments. The loan will not be due until you no longer own and occupy your home as your principal residence. At that time, the money you have borrowed plus the interest and fees will be due and payable. Generally, borrowers or their estate repay the loan by selling the home. If the home is sold, you or your estate may keep the proceeds in excess of the amount due the lender.

The NRMLA Consumer Guide to Reverse Mortgages
NRMLA's first consumer guide to help educate senior's about reverse mortgages.

Using Reverse Mortgages for Health Care: A NRMLA Guide for Consumers
This guide helps explain how reverse mortgages can be used to help pay for your health care needs and preserve your financial security.

Just the FAQs: Answers to Common Questions About Reverse Mortgages
This guide lists the most common questions asked by consumers about reverse mortgages—with the answers from the National Reverse Mortgage Lenders Association. The questions are broken into three groups: those appropriate to ask before getting a reverse mortgage; those applicable during a reverse mortgage; and those applicable at the end of a reverse mortgage.

FannieMae's Money From Home
A detailed guide to understanding reverse mortgages.

AARP's "Home Made Money"
A Consumer's Guide to Reverse Mortgages"

Considering a Reverse Mortgage?
Review these 5 steps to see if a Reverse Mortgage is right for you. 

We do reverse loans in California only.