What is a Reverse Mortgage
A reverse mortgage is a financial product designed for homeowners aged 55 and older, enabling them to convert part of their home equity into cash without selling their home. Unlike traditional mortgages, reverse mortgages do not require monthly payments; instead, the loan is repaid when the borrower no longer resides in the home.
Maintain your quality of life with a cash reserve
Personalized Mortgage Consultation: Receive tailored advice from experts to meet your financial situation and home-buying goals effectively and efficiently.
Enjoy better cash flow
With a Reverse Mortgage Line of Credit, as the borrower, you will have complete control over when you take out the funds, and how much you receive. Other options include a lump sum or regular payments which are also designed to supplement your existing source of income.
Stay in the Home You Love
You’ve built a life in your home—now let it give back to you. Reverse mortgages allow you to access funds without selling, so you can age in place with confidence and comfort.
Flexible Payout Options
Tailor your reverse mortgage to fit your lifestyle. Choose between lump sum, monthly payouts, a line of credit, or a combination—all designed to give you the freedom to live the retirement you deserve.
Testimonials
Willy - Fresno, CA
Amazing team they fit me my dream home thank you keep up the great work I helping those that don’t believe can’t your team gives hope to you can still in shock thank you
Tammy - Pensacola, FL
He is very professional and knowledgeable. He was able to make our experience very smooth and was always available for any questions or concerns. We previous had an issue with our previous lender and Eddie was able to review and resolve our issues in order for us to close on our home. He has made this a great experience
Gary - Placitas, NM
Of all the mortgage officers I’ve used going back to 1979, she was the best, hands down. Getting my pre-qualification letter took less than 30 minutes, the information she requested was not terribly burdensome, and the loan went as smoothly and as quickly as one can expect when purchasing a home.
FAQs
Get quick answers to your home financing questions here!
What is a reverse mortgage?
A reverse mortgage is a loan available to homeowners aged 55 and older that allows them to convert part of their home equity into cash. Unlike traditional mortgages, you don’t make monthly payments—the loan is repaid when you move out, sell the home, or pass away.
Who is eligible for a reverse mortgage?
To qualify, you must: 1. Be at least 55 years old
2. Live in the home as your primary residence 3. Own your home outright or have significant equity 4. Keep up with property taxes, homeowners insurance, and basic home maintenance
Will I still own my home?
Yes. You retain ownership of your home and can continue living in it as long as you meet the loan requirements (e.g., paying taxes and insurance).
How do I receive the funds?
You can choose how to receive your reverse mortgage proceeds: Lump sum, Monthly payments, A line of credit, A combination of the above.
What are my responsibilities as a borrower?
As a reverse mortgage borrower, you are responsible for: 1. Paying property taxes and homeowners insurance. 2. Maintaining the home in good condition. 3. Using the home as your primary residence.
Will my heirs inherit any debt from the reverse mortgage?
No, reverse mortgages are non-recourse loans. This means that neither you nor your heirs will owe more than the home's value when the loan becomes due. If the loan balance exceeds the home's value, the difference is covered by mortgage insurance.
Loans Provided by OneTrust Home Loans, a dba of CalCon Mutual Mortgage LLC NMLS #46375 (www.nmlsconsumeraccess.org); 3838 Camino del Rio N Suite 305, San Diego, CA 92108. Corporate phone (888) 488-3807. OneTrust Home Loans is an Equal Housing Lender.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
By refinancing your existing loan, your total finance charges may be higher over the life of the loan. (Reference: 10 VAC 5-160-60 (F))
Disclosure : https://onetrusthomeloans.com/reverse-mortgage-disclosures/