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Reverse Mortgage



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

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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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Shining Star Funding
Corporate Office
6101 Bollinger Canyon Rd, Suit 344
San Ramon, CA 94583
(925) 820-2981

Copyright ©2024 Shining Star Funding A division of American Pacific Mortgage Corporation | NMLS ID # 1850 ( | 6101 Bollinger Canyon Rd #344, San Ramon, CA 94583 Phone (925) 820-2981 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.

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