Reverse Mortgage Loans

A Reverse Mortgage is for homebuyers or homeowners aged 62 or older. It may be able to help them with purchasing a primary residence or allow them to access the equity in their existing home. Common uses for the Reverse Mortgage equity loan is paying monthly bills, making home improvements, paying for healthcare, helping children or grandchildren, or as additional cash for unexpected expenses.

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Highlights & Benefits

Payments

No monthly mortgage payments are required

Funds

Flexibility on how you receive your funds

High Loan Amounts Available

With the Jumbo option loan amounts can go as high as $4,000,000

Qualification

Notably easier qualifying than many other home loans

More About Reverse Mortgages

A reverse mortgage program allows some seniors aged 62 or older to convert existing home equity into cash. Those that qualify can withdraw the funds, either as cash, a fixed monthly amount or a line of credit (or a combination of both). 

The home mortgage must be for your primary residence and can be a single-family home, multi-family home, or a HUD-approved condo.

While there are no monthly mortgage payments, you must still pay property taxes, homeowners insurance, and any applicable Condo or HOA dues. You must also maintain the home according to FHA guidelines.

Reverse Mortgage Loan Options

  • 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.

  • 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.

  • 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.

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