Turning Home-Equity Into Life-Quality
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What is a Reverse Mortgage Loan?
For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses.
Benefits
- No monthly mortgage payments except for taxes, insurance, and maintenance
- Growing line of credit (applies to unused funds)
- Increased discretionary cash flow
- Can sell YOUR home at any time
- Does not require payment until last living borrower permanently leaves the home
- Bridge the medicare gap
- Increase your purchasing power
Eligibility
- Borrower(s) must be 62 years or older
- Must be a homeowner and either own home out right or have significant equity
- Must live in home as the primary residence (live there 6+ months per year)
- The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo
- Must meet minimal credit and property requirements
- Must receive reverse mortgage counseling from a HUD approved counseling agency
- Must not be delinquent on any federal debt
The Fairway Promise
We Deliver On Customer Service
Our customers experience some of the fastest turn times in the industry. The Fairway reverse mortgage loan process is designed to exceed expectations, provide satisfaction and earn your trust.
Specialized Training
Each Fairway loan officer is required to attend live training classes before he or she can originate a reverse mortgage loan. Our Reverse mortgage planners have access to a dedicated support staff and ongoing weekly educational training calls.
National In-Person Appointments
Fairway has offices located nationwide with trained reverse mortgage planners giving us the ability to meet with you in a face to face setting.
FAQs
Does the reverse mortgage lender own your home?
You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.
How will the reverse mortgage lender determine how much money you will need at closing?
The down payment you will need to bring to closing will be determined based on your age, interest rates at the time and the sales price (or appraised value, whichever is less) of the home you are buying.
View more FAQsFind a Reverse Mortgage Planner
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