A GMFS Mortgage reverse mortgage is a unique loan insured by the Federal Housing Authority (FHA) that allows senior homeowners 62 years old or older to convert part of the equity in their homes into available cash… without having to sell the home, lose title, or make a monthly mortgage payment.


The FHA also refers to reverse mortgages as Home Equity Conversion Mortgages (HECM).

GMFS is a member of the National Reverse Mortgage Lenders Association (NRMLA)

How a Reverse Mortgage Can Work For You:

  • Create a growing line of credit for all cash needs
  • Payoff your existing mortgage
  • Supplement your retirement income
  • Consolidate your debt
  • Increase your monthly cashflow
  • Provide cash for emergency needs

Facts about a Reverse Mortgage:

  • No monthly mortgage payments required (interest will be accruing on the loan)
  • Similar fees and closing costs as a typical FHA loan
  • Homeowners are still responsible to pay their homeowner’s insurance and property taxes
  • Loan proceeds are tax-free and may be tax-deductible upon loan repayment*
  • Loan proceeds may be paid in a lump sum, monthly payments, line of credit or any combination
  • No repayment of the loan until the last borrower moves out permanently or passes away
  • Homeowner’s estate can choose to repay the reverse mortgage which includes the interest accrued or put the home up for sale

Qualifications for a Reverse Mortgage:

  • At least one homeowner must be 62 years of age or older
  • The home must be and remain your primary residence
  • You must own the home and have enough equity to qualify
  • There are some residual income requirements set by HUD
  • Any existing mortgage balance on the home must be paid off with the proceeds of the Reverse Mortgage
  • You must discuss the program with a HUD approved counselor
  • Ideally the home should be a single family home, or 2-4 unit home with 1 unit occupied by the borrower; or a HUD approved condominium


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