EquiPoint Financial Network - Reverse Mortgage Specialists

Reverse Mortgage Basics

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You have probably heard of the Reverse Mortgage and how it might improve your financial well-being and enhance your retirement. Now you can learn more about it, first-hand, from one of our Reverse Mortgage Specialists.

Without cost or obligation to you, our representative will explain this innovative option, its benefits and limitations and help you determine if a Reverse Mortgage is your best option.

Reverse Mortgages allow you to benefit from the equity you have established in your home and use it for whatever you wish with no repayment obligations for as long as you live in the house.


What is a Reverse Mortgage?

A Reverse Mortgage is a loan that is based upon the equity in your home.

 This loan does not have to be repaid until you either sell your home or permanently leave your primary residence.

What types of Reverse Mortgage Options are available?

  1. Federal Housing Authority (FHA)
  2. FannieMae
  3. Jumbo Reverse Mortgages

How much am I eligible for:

How much you (the Borrower) will be eligible for depends on four factors:

  • The age of the youngest borrower (minimum age is 62)
  • The value of the home
  • Current interest rates
  • FHA Lending Limit in your County

 How can I receive money?

Proceeds from a Reverse Mortgage can be received in any combination of the following:

  • Lump Sum
  • Monthly Payments (your choice of loan advances for a specific period, or for as long as you live in your home)
  • Line of Credit
  • Any combination of the above  

Reverse Mortgage Facts  

  • The loan does not become due and payable until the last surviving borrower dies, sells the home, or permanently leaves the residence.
  • Homeowner must continue to pay the property taxes and homeowner insurance (optionally they can be paid out of the loan proceeds if desired) as well as maintain proper upkeep of the property.
  • At the time the loan becomes due and payable, your heirs can either choose to repay the loan (by refinancing, life insurance, etc...) and keep the house or sell the house to repay it.
  • Your heirs will receive all remaining equity after the sale.
  • You will be required to attend a HUD (Department of Housing and Urban Development) counseling session during your Reverse Mortgage process. 

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