Reverse Mortgages

A reverse mortgage or home equity conversion mortgage (HECM) is a type of loan for home owners who are 62 or older that requires no monthly mortgage payment. Borrowers are still responsible for property taxes, homeowners insurance, and maintenance of home.

There are 2 types of reverse mortgages:

A refinance reverse mortgage where the borrower already lives in the house and the reverse mortage replaces the existing mortgage if there is one. Depending on the amount of equity a borrower may also be eligible to pull cash out.
A purchase reverse mortgage is where a borrower buys a home with a large down payment (around 35% of purchase price) and then finances the balance of the purchase price with a reverse mortgage. The goal here is to have no further mortgage payments for the balance of the loan terms.

A reverse mortgage is a great financial planning tool and can provide great benefits such as annuities, life insurance, and other retirement tools. Interface Mortgage has extensive expertise, providing reverse mortgages for over 15 years. We welcome the opportunity to answer your questions and provide local guidance. Feel free to call anytime for a no-obligation discussion about your options.