
At Reverse Mortgage Classes, our mission is to set the highest standard in the Reverse Mortgage industry. When it comes to Reverse Mortgages, Education is the key. Our pledge to you, is to complete the education process, so you are able to make an informed decision. We have been always an advocate of educating first before offering services working for senior citizens. One of our favorite approaches are educational seminars. We routinely gives speeches in senior centers, to religious organizations and civic associations sharing the idea of reverse mortgages as a tool of enhancing senior citizens lives.
We always encourage prospective clients to invite family members to be a part of the discussion with us during the education process.
We are committed to quality customer service and putting the needs of the people we serve first. We will always adhere to the highest degree of integrity in all of our business dealings.
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.