Home Equity Conversion Mortgages (Reverse Mortgages)

They were created over 25 years ago to help Americans age 62 or older to convert a portion of their home equity into tax free money.  These mortgages are insured by the Federal Housing Administration, and they give seniors the freedom of not having to worry about monthly mortgage payments, and instead provide options to receive cash.  Rather than repaying the loan monthly, the loan balance is repaid when all borrowers have left the home.

Great benefits:

    • Payoff your existing mortgage
    • Continue to live in your home and maintain title
    • Payoff medical bills, vehicle loans or other debts
    • Support aging in place expenses, like care-giving and home modifications
    • Improve monthly cash flow
    • Fund necessary home repairs or renovations
    • Build a “safety net” for unplanned expenses
    • Delay taking Social Security benefits, and let other investments grow
    • Use it as part of your financial and estate planning


Who qualifidownload (2)es:

To qualify the borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62)

The home must be the borrower’s primary residence and have sufficient equity

The borrower must own the home

The borrower must meet the financial requirements of the program


What are my choices:

You have the flexibility to choose from one or more loan disbursement options:

◊ Lump sum

◊ Monthly installments paid to the borrower for a set period of time or for the life of the loan

◊ Available line of credit that increases every year

What do you need to do:Portrait Of Senior Couple In Park

  1. Complete a HUD approved counseling session (by phone or in person)
  2. Continue to maintain your home in a common sense manner
  3. Continue to pay property taxes and homeowners insurance

Did you know?

You can make monthly payments and reduce your loan balance anytime you want.  If you sell the home to repay the loan, you or your heirs will never owe more than the loan balance or the value of the property, whichever is less. Many borrowers use this loan to pay off an existing mortgage and eliminate monthly mortgage payments.  You can use a reverse mortgage to purchase a home without monthly mortgage payments!

You are protected:

Your loan is insured by Federal Housing Administration (FHA) so you are always protected against lender insolvency and can expect to receive your proceeds.

Home equity conversion mortgages are required by the U.S. Department of Housing and Urban Development (HUD) to charge mandatory mortgage insurance. The insurance protects borrowers and their heirs in the event the loan balance is higher than the home’s value at the time of sale.

Independent HUD approved counselors provide you with objective information and help you understand how these loans work.

AllWays Financial Services has helped thousands of seniors improve their financial situation and enjoy their Golden Years, since 1993.  If you or your heirs have questions regarding your own situation, we are here for you.  Our counselors have over 40 years of combined experience in helping you evaluate your options and decide what is best for you.  We have a multitude of loan options and are available to meet with you and your family in person or by phone.  Home appointments are available.  We are here to help you in All Ways!

Have questions about the Reverse Loan process in Long Beach, or want to get started? Give us a call at (562) 437-5585 ext 1 or email us at nicoletas@allwaysfinancial.com to discuss your needs.

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We are happy to help you find the right loan. Send us an email today to see how we can help!

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