Reverse Mortgages are used by thousands of seniors every day so chances are you may know someone who has used this loan product to "age in place" and enhance their financial security.
Smaller, independent lenders who specialize in working with seniors provide the majority of Reverse Mortgages across the United States. Integra Pacific Mortgage is a small independent lender. We are proud of this statement!
The federal government regulates the main elements of Reverse Mortgages. This means that the amount of money available to you, and the costs you pay are similar with every lender in the United States.
Who can qualify for a reverse mortgage?
- You must own your home and be 62 years old
- Any additional owners must also be 62 years old
- You need to live in the home at least 6 months a year
You can receive the equity (cash) from your home in several ways:
- In one lump sum
- In a monthly payment to you as income
- Line of credit that you draw on as needed
Or any combination of the three.
When DO you pay back the loan?
Only when you:
- Permanently move out of the home
- Sell your home
Types of Reverse Mortgages:
- Home Equity Conversation Mortgage (HECM) – Government insured FHA program. Provides cash, line of credit or monthly income subject to HUD/FHA lending limits for as long as you live in the home.
- Reverse Mortgage For Purchase (HECM0- HECM for purchase allows homeowners that are 62 years of age or older to purchase a new principal residence using loan proceeds from the reverse mortgage. The program was designed to allow the borrower to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing. The program was also designed to enable borrowers to relocate to other geographical areas to be closer to family members or downsize to homes that better meet their needs.
