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!
How much of your retirement budget is tied up in your home?
Pre HECM, your only options were selling (inconvenient) or refinancing (monthly payments).
A reverse mortgage unlocks your finances and maximizes retirement.
Repay when you sell the home or it's no longer your primary residence.
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?|
|Borrowing cap (Maximum Claim Amount)||$765,600||$765,600||$4 million|
|Do I have to pay a Mortgage Insurance Premium (MIP)?|
|Do condos qualify?||FHA approval required||FHA approval required||Fannie Mae or Freddie Mac approval required|
|Is the loan federally insured?|
|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.
"I have a space now where my kids can live better, have a place to do their homework and have a better quality of life"
"My experience with NeighborWorks Orange County as a first-time home buyer was wonderful! Without NWOC, I wouldn't have reached my goal. Their team's communication was fantastic, and the process was fast! Thank you!"
"Hace seis años por su conducto compré un condominio en Tustin, Ca.y l verdad que estoy bien satisfecho con los programas que me ofrecieron y contrataron. Six years ago I bought a condominium in Tustin, Ca., and I am really satisfied with the programs they offered me."
"My NWOC loan officer was very helpful in telling me where we were in the process. That was great!"
Our HUD-Certified Housing Counselors can help with identifying available resources to determine rent affordability and sustainability. Counselors can help you understand monthly budgeting, good rental practices and learn about your rights and responsibilities as a tenant. We are here to help you every step of the way, at no cost to you!
Home Equity Conversion Mortgage (HECM) loans are federally insured reverse mortgage products that help seniors (62+) access the equity in their homes without having to sell their homes.
A HUD-Approved Certified Housing Counselor is a trained professional who can guide you on the choices that may be available to prevent foreclosure. Each mortgage servicer and investor may offer borrowers alternative solutions that have different eligibility requirements. Every situation and solution is unique!
Home ownership transforms lives, increasing families’ and individuals’ access to financial stability and wealth. Our HUD Certified Counselors will provide homebuyers with a thorough assessment; understanding debt, credit, down payment programs with the goal of getting you mortgage ready from beginning to end.
This HUD Approved 8-Hour Homebuyer Education Course is ideal for homebuyers who will be purchasing within one year or are currently in escrow.
Our 90 minute Home Buying 101 is an entry-level class designed to prepare homebuyers with the fundamentals of becoming mortgage ready. Home buying related topics will be presented along with information for down payment programs.
This online Money Management course is available through eHome America's comprehensive and interactive online platform.
Check out our resource library to see if you're ready for homeownership!