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!
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.
Minimum age to qualify (at least one borrower must meet the age requirement)
Are there limits on the amount of money I can access in the first 12 months?
Borrowing cap (Maximum Claim Amount)
Do I have to pay a Mortgage Insurance Premium (MIP)?
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.
