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 Reverse Mortgages by a Professional, Trusted Reverse Mortgage Lender: Call Today 1-888-888-4834
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A reverse mortgage is a program designed to enable homeowners 62 years and older to convert part of the equity in their homes into tax-free cash flow* without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to the lender, as with a regular mortgage, the lender makes payments to you. Visit the Reverse Mortgage FAQ section to see a list of the most commonly asked questions.
* Consult a Tax Professional.
Reverse mortgage proceeds are determined by several factors including your age, interest rates, and home value. Proceeds are tax-free and will not effect social security or medicare benefits. Borrowers have the option to take their proceeds as a cash lump sum, a line of credit, monthly payments for as long as the home is occupied as a primary residence or a combination of all.
With the passing of the American Recovery and Reinvestment Act of 2009, lending limits have increased even futher, which means that you may be eligible for additional proceeds. Use our Reverse Mortgage Calculator for an estimate of how much money you are eligible to receive or call 1-888-888-4834 for a more detailed quote. The most popular reverse mortgage program, accounting for over 95% of reverse mortgages in the U.S., is the Federally Insured HECM or Home Equity Conversion Mortgage (Pronounced "Heck-Um"). This Government Insured program was first signed into law in 1988 and has lately seen an explosion in popularity. In Fact, hundreds of thousands of seniors have improved their quality of life with a reverse mortgage. Fixed Rate Reverse Mortgages are gaining in popularity and is an option that should be explored by anyone considering a reverse mortgage. The purchase reverse mortgage has been available now since January 1, 2009.
Fixed Rate Reverse Mortgages are currently at 5.49% with no monthly service fees or service fee set-asides.
Reverse Mortgage For Home Purchase
- Great for someone looking to downsize - Purchase a home without a mortgage payment! |
Fixed Rates as Low as 5.49%
By Josh Borba
We are pleased to now be able to offer the fixed rate HECM at 5.49% without monthly service fees or service fee set-asides.
Reverse Mortgage For Home Purchase
By Michael Borba (President)
Beginning January 1, 2009, FHA will begin insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home. What does this mean to Seniors?...
Current Rates
View All Reverse Mortgage Rates
HECM Libor 2.088%
HECM Fixed 4.99%, 5.56%
Rates as of 7/26/2010
Interest Rates are updated daily. *Applicable Mortgage Insurance and TALC (Total Annual Loan Costs) are not reflected. Rates subject to change.
 We subscribe to NRMLA's strict code of ethics and professional responsibility. We offer all available Government HECM insured reverse mortgage programs including fixed rate reverse mortgages, home purchase reverse mortgages and adjustable rate reverse mortgages and all are offered at the new increased lending limit, resulting in more money in your pocket. We are a family owned and operated Reverse Mortgage Lender and take great pride in the level of service we provide to our clients and have a tremendous passion for the reverse mortgage product and for the many benefits it provides to seniors. |