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Reverse Mortgage Refinance
There are no minimum credit scores and the loan is FHA-insured. As with all Reverse Mortgages, you retain home ownership and you can sell the home at any time, and all remaining equity belongs to you or your heirs.
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Reverse Mortgage for Purchase
The down payment is approximately 50%. It can be used for new or existing construction. There are no monthly mortgage payments, but you are still responsible for taxes, homeowner's insurance, and any other property changes such as condo dues or HOA dues.
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Jumbo Reverse Mortgage
Designed for higher valued properties with loan amounts up to $4,000,000. The Jumbo option is available for both purchase and refinance mortgages.
The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. This material is not from HUD or FHA and has not been approved by HUD or any government agency. Atlantic Coast Mortgage is not affiliated or acting on behalf of FHA or any Federal or Government Agency.