Reverse Loans

The FHA-insured Reverse Mortgage Program (called a "H.E.C.M.") allows homeowners, aged 62 years or older, the opportunity to access tax-free cash from the equity of their home while still maintaining ownership and control of their property. Use of the funds are not restricted and many homeowners take advantage of reverse mortgages to help pay for medical expenses, home repairs, credit card debts and even vacations. With a reverse mortgage, homeowners are not required to make a recurring monthly mortgage payment and qualifying is easy! There are no credit score, income or asset qualifications and borrowers have the ability to select one of three flexible draw options including:

  • A lump sum payment (funds are directly deposited into the borrowers checking account),
  • A monthly recurring payment (a specified amount is deposited each month into the borrower's account), or
  • A line of credit (funds can be accessed when needed)

*It is also possible to receive funds in a combination of the above options. The amount of cash received by a borrower is based on the home value, the borrower ages, the market interest rate and the lending limit set by FHA. If you would like to determine how much you can qualify for, we are just a phone call away. Call AnnieMac Home Mortgage today at 1-866-312-6682.

The Reverse Mortgage Saver Program

Recently, the FHA has started offering a Reverse Mortgage "Saver" loan. The "H.E.C.M. Saver" maintains all the benefits of the traditional reverse mortgage program, but comes with significantly lower closing costs in exchange for a slightly lower loan amount. This type of a reverse mortgage is great for the homeowner that may not have an immediate need for cash today, but expects to need more cash in the future.

The Reverse Mortgage Purchase Program

The reverse mortgage program can also be used to purchase a new residence. This may be useful if you are looking to "right-size" your home during retirement. This program allows seniors, age 62 or older, to purchase a new primary residence using a reverse mortgage and live in the home with no need to make a mortgage payment. Please call an AnnieMac Reverse Mortgage Specialist for more information and to get the facts on this powerful program.


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Direct: 239-265-9985