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Reverse Mortgage: Access Your Full Wealth

What is a Reverse Mortgage?

Reverse mortgages are a loan option for seniors that use home equity as collateral. These loans empower you to fully use your wealth and enjoy your retirement. Our NeighborWorks OC staff live here too, so we understand the challenge of planning retirement in a high cost of living area. Let us be part of your retirement plant!
1
Plan

How much of your retirement budget is tied up in your home?

2
Consider

Pre HECM, your only options were selling (inconvenient) or refinancing (monthly payments).

3
Apply

A reverse mortgage unlocks your finances and maximizes retirement.

4
Repayment

Repay when you sell the home or it's no longer your primary residence.

Compare Your HECM Options

A Home Equity Conversion Mortgage is the only federally insured reverse mortgage in the US. And at NeighborWorks we can see if you qualify for any of the three reverse mortgages we offer.

LOAN OFFERING DETAILS

HECM

HECM FOR PURCHASE

JUMBO

Minimum age to qualify (at least one borrower must meet the age requirement)
62
62
62
Are there limits on the amount of money I can access in the first 12 months?
X
Borrowing cap (Maximum Claim Amount)
$765,600
$765,600
$4 million
Do I have to pay a Mortgage Insurance Premium (MIP)?
X
Do condos qualify?
FHA approval required
FHA approval required
Fannie Mae or Freddie Mac approval required
Is the loan federally insured?
X
Is the loan “Non-Recourse” (I’ll never owe more than the home value at payback time)?

This material is for educational purposes only and has not been reviewed, approved or issued by HUD, FHA or any government agency. The organization is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. All information listed is subject to change without notice. Only a licensed mortgage loan officer can quote rates and terms. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance and any home owners association (HOA) fees. Repayment is required once you sell the home or no longer live there as your primary residence.

GET A QUOTE

See if a Reverse Mortgage is Right For You

What if you could retire in your own house and afford to spoil the grandkids?

Ready to take the plunge?

Check out our resource library to see if you’re ready for homeownership!

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