Reverse Mortgage

WHAT IS A REVERSE MORTGAGE LOAN

Reverse

What Is a Reverse Mortgage Loan?

What Is a Reverse Mortgage Loan?

Unlike a traditional home equity loan, such as an FHA or refinance loan that you begin paying back soon after your loan closes, a reverse mortgage doesn’t have to be repaid until you leave your home*. In addition to having no monthly mortgage payments, you will receive tax-free proceeds from your reverse mortgage, and you can designate how you want to receive them. Reverse mortgages were specifically designed to help those 62 and older supplement their retirement.

The most widely available reverse mortgage loan is a Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration (FHA). For higher-value homes that exceed the limit set by the FHA, borrowers may be better suited with a non-HECM loan, also known as a jumbo or proprietary reverse mortgage.

*You must continue to maintain your property, pay property taxes and homeowners insurance, and otherwise comply with all loan terms. This ad is not from HUD or the FHA and was not approved by HUD or any government agency.

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Quick Facts

More than 1 million homeowners 62 and over have used a HECM
reverse mortgage to age in place.

(U.S. Dept. of Housing and Urban Development, HECM Endorsement Summary Report, 2017)

Home equity levels for
homeowners aged 62 and older
grew to $7.1 trillion in the fourth
quarter of 2018.
(NRMLA/RiskSpan Reverse Mortgage Market
Index (RMMI) Q1 2000 – Q4 2018)

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For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.
Interactive calculators are self-help tools. Results received from this calculator are designed for comparative and illustrative purposes only, and accuracy is not guaranteed. Shining Star Funding is not responsible for any errors, omissions, or misrepresentations. This calculator does not have the ability to pre-qualify you for any loan program or promotion. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Shining Star Funding does not guarantee any of the information obtained by this calculator.

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CMG Mortgage, Inc. dba Shining Star Funding, NMLS ID# 1820 (www.nmlsconsumeraccess.org, www.cmghomeloans.com), Equal Housing Opportunity. Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act No. 4150025. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing