WHAT IS A REVERSE MORTGAGE AND HOW DOES IT WORK?
A Reverse Mortgage is a specialized loan available to homeowners age 62* and older, backed by the Federal Housing Administration since 1988. A Reverse Mortgage allows homeowners to convert a portion of their home's equity into cash without selling the home or making regular monthly mortgage payments. Although there is no monthly mortgage payment, the borrowers are responsible for timely payment of property charges, such as taxes, HOA dues, insurance, and maintenance. Unlike traditional mortgages, repayment is not required until the last borrower no longer resides in the home.
*Proprietary programs may be accessible in certain states for individuals as young as 55.
WHY REVERSE MORTGAGES?
- Convert Equity into Cash / Tax Free Income*
- Age in Place or find your retirement dream home
- No Monthly Mortgage Payments**
*Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
**Real estate taxes, homeowners’ insurance, and property maintenance required
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CONNECT WITH A REVERSE MORTGAGE SPECIALIST TODAY:
Our reverse mortgage experts are available to answer all your questions. The process is simple and there are no obligations.
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REVERSE MORTGAGE WITH LAND HOME FINANCIAL SERVICES, INC.
For over 35 years, we’ve been tailoring loans to our customers’ needs. At Land Home, we don't just provide mortgages; we build foundations for families, one personalized loan at a time.
Industry experts in refinance, purchase, new construction, and more. Licensed in 50 states
With 35 years of home financing experience, we're not just lenders, but lifelong partners
We are a Better Business Bureau (BBB) accredited business with an A+ rating.
WHAT IS THE REVERSE MORTGAGE PROCESS?
- Get a Quote
- Click here to fill out our request form
- A licensed Reverse Mortgage Specialist will discuss your options and answer any of your questions.
- Attend Counseling
- Your Reverse Mortgage Specialist will provide you with a list of counselors.
- Counseling is a great first step to ensure you understand your options and all the benefits of a reverse mortgage.
- A counseling session may take place either face-to-face or by telephone*.
- Initial Application, Disclosures, and Loan Submission
- Sign initial loan application and disclosures. Provide documentation for loan processing (i.e., income, assets, identification, and other required documents).
- Order required services and process the loan file for underwriting review.
- Underwriting
- Underwriters review appraisals, perform financial assessments, and verify all pertinent information to ensure the loan adheres to guidelines and regulations.
- Closing, Funding, and Servicing
- Upon approval loans will be scheduled to close. Reverse Mortgage Specialist will walk you through the closing process and what to expect with Servicing of the loan.
*Some states may require in person counseling. Please consult with your Reverse Mortgage Specialist.