Reverse Mortgages

A reverse mortgage is a loan specially designed for individuals who are 62 years old and over.  It enables them to convert part of the equity in their owner occupied home into cash. 

There are no restrictions how a Client may use their reverse mortgage proceeds.  As a result, reverse mortgages are being used as a retirement planning tool and for wealth management.  Clients have used their proceeds to payoff mortgages, for health care expenses, home improvements, setup an additional flow of cash or to establish a financial safety net.

The client is only required to pay back the loan when the home does not become your primary residence.  Payment of property taxes and insurances must be kept current while in the home.

Homestead Funding Corporation offers the US Department of Housing and Urban Development (HUD) approved reverse mortgages insured by the Federal Housing Administration (FHA).  Please contact us for further information about one of the fastest growing segments in the mortgage industry today

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Program may not be available in all areas.