Are you considering a reverse mortgage?

If so, you probably have many questions or concerns, such as:

  • What is the cost of a reverse mortgage?

  • What is the most popular reverse mortgage?

  • What are the advantages and disadvantages of a reverse mortgage?

That’s where we come in! Let our experts help answer your questions about the reverse
mortgage process.

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What is a Home Equity Conversion Mortgage?

A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is an agreement in which a homeowner abdicates the equity of their home in exchange for a lump-sum payment, fixed monthly payments, or a line of credit. If the homeowner is 62 years or older, this agreement allows the homeowner to remain living in their home while receiving monthly payments instead of paying off the mortgage.

By choosing a reverse mortgage, you gain the financial freedom that can improve your quality of life. With zero payments until your loan is paid off, you can stay in your own home and keep your title all while accumulating wealth.

Is a Reverse Mortgage Right For Me?

  1. Do you have a strong desire or commitment to stay in your own home?
  2. Do you want to enjoy your lifestyle and your senior years more?
  3. Do you need or want more savings for major or unexpected expenses?
  4. Do you have a regular need to supplement your income and find your home is your biggest asset?
  5. Do you want to live worry-free, with the peace of mind that your financial needs are managed?

If these statements sound like you, then you might be just the right candidate for a reverse mortgage.

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A couple of 62 year olds drinking wine after getting a reverse mortgage

Benefits of a Reverse Mortgage

  1. A reverse mortgage can give you more financial freedom and help you utilize that to improve your quality of life.
  2. You won’t have to make any payments until the loan ends.
  3. You are allowed to stay in your own home and keep your title.
  4. Proceeds from reverse mortgages are tax-free and not considered income.

Do I Qualify For A Reverse Mortgage?

  1.  Are you at least 62 years of age?
  2. Do you own your property outright, or is the mortgage small enough to be paid off in the reverse mortgage process?
  3. Do you occupy the property as your primary residence?
  4. Are you delinquent on any Federal debt?
  5. Is your home considered a single family home that meets FHA requirements?

If you answered “Yes” to all these questions, then you may be able to qualify for a HECM Reverse Mortgage.

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Reviewing resources and documents for a reverse mortgage
A beautiful home

What Should I Be Considering?

Your home has more than a monetary value. It may be more important to your heirs than you realize. Be sure to talk the decision over with your family first.

Reverse mortgages are a specialty loan product and might not be as common or well known by your average loan officer. Be sure you speak with a Reverse Mortgage specialist who can help you navigate the waters safely.

Types of Mortgage Payouts

  1. Lump Sum Payment
  2. Line of Credit
  3. Fixed Monthly Payments
  4. Combination of These Options

No matter what you chose, you will not have to make any payments on the mortgage, as long as you are living in the home. When the reverse mortgage comes due, you can sell home to pay off the loan or pay off the loan and keep your home.

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A couple dancing, Idaho reverse mortgage
An elderly couple who just reverse mortgaged their home

What Are the Costs?

Mortgages can be costly, no matter what kind they are. While there are a lot of fees, most of them can be paid for with the proceeds from the Reverse Mortgage process itself.
  • Origination Fee – The origination fee is designated to compensate the lender for processing the loan.
  • Mortgage Insurance Premium – Mortgage insurance is required to ensure you will receive expected loan advances without having to worry about repayment as long as you live in your home.
  • Closing Costs – Additional costs will be incurred from a variety of services need to complete the loan, such as appraisal fees, recording fees, inspections, credit checks, and other necessary processes for successful loan origination.
  • Servicing Fee – A monthly fee will be incurred for the lenders who are servicing the loan, creating statements, disbursing payments, and making sure all requirements are met.
  • Interest Rate – All reverse mortgage loans charge interest and the homeowner can decide between adjustable or fixed rate options.

Your Reverse Mortgage Specialist

Robert Sinohue

Since 1993, Robert Sinohue has been providing his clients with the comfort and security of knowing they have placed their trust in the right hands. With 29+ years of experience and having been recognized as one of the top 200 loan originators in the country, Robert gives his clients the knowledge they need to make informed choices about which loan program best suits their specific needs.

As a leader in the reverse mortgage industry, he aims to deliver excellence in every area. Based on client feedback, he constantly strives to improve his systems and technology to increase his efficiency and success ratio. Because market conditions are constantly in flux, he keeps his fingers on the pulse of mortgage-backed securities to ensure that his clients get one of the lowest interest rates possible.

From start to finish in the loan process, Robert and his team provide no less than extraordinary service. But funding your loan is just the beginning of his relationship with you. Robert wants you as a lifetime customer, not just a one-time deal. He will continue to monitor interest rates and let you know when opportunities arise to improve your current situation. He will also stay in touch and continue to educate you so that he can be your ultimate resource for mortgage financing information. Your Trusted Advisor – today, tomorrow, and beyond!

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Our representatives will be ready to assist with any questions you may have.