What is a Reverse Mortgage
Reverse mortgages allow homeowners 62 years and older to convert part of the equity in their homes into tax-free money. Seniors are not required to sell the home, give up the title, or take on a new monthly mortgage payment.
Similar to a cash-out refinance, funds are used to pay off the remaining mortgage and for the amount of equity above the payoff amount, a lump sum is paid out in a variety of methods or line of credit. Once the borrower no longer lives in the home or the home is sold, the borrower or their estate will be responsible for repaying the loan plus any interest that has accrued.
Benefits of a Reverse Mortgage
- You don’t have to pay on your Reverse Mortgage Loan as long as you live in the home
- Supplement retirement income
- Pay medical expenses or home repairs
- Pay off debt
Who Qualifies for a Reverse Mortgage?
- At least one borrower must be 62 years or older (in the state of Texas, BOTH borrowers in the household must be 62 years or older)
- Borrower(s) must live at primary residence at least 6 months of out the year
- Borrower(s) should have at least 50% equity
- Borrower(s) will be assessed for ability to repay the loan and fulfill loan obligations
The homeowner is responsible for paying property taxes, homeowners insurance, flood insurance, and condo fees (when applicable) and for properly maintaining the home. The home must be used as the homeowner’s primary residence.
Get a no obligation consultation today!
There are different types of Reverse Mortgage Options. It’s important to know all of your options and if a reverse mortgage makes sense for you.
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GMFS Mortgage Reverse Mortgage Team
- Charles “Taylor” Williams Loan Officer NMLS #1582935
- Charles “Chuck” Williams Loan Officer NMLS #118500
- Russell Riddle Loan Officer NMLS #949917
- Scott Zmikly Loan Officer NMLS #1256176
- Andrew Bennett Loan Officer NMLS #1545851
- Miranda Brown Loan Officer NMLS #1484859
- Michael Grilley Loan Officer NMLS #934204
- Joshua Whitson Loan Officer NMLS #135035
- Monica Emmert Loan Officer NMLS #1294719
- Heather Smith Loan Officer NMLS #1503420
- Tony Arnold Loan Officer NMLS #409398
- Shane Dishman Loan Officer NMLS #262013
- www.nmlsconsumeraccess.org
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Discover How a Reverse Mortgage Could Help You
Please complete the form below and a qualified GMFS Mortgage Reverse Lending Specialist will be in touch.
Georgia Residential Mortgage Licensee – License #14655.
When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid. GMFS NMLS #64997 is an Equal Housing Lender. Mortgages originated at 7389 Florida Blvd Suite 200A Baton Rouge, LA 70806.