Home
Purchase
Refinance
Tools
Contact Us
Blogs

Home
Purchase
Refinance
Tools
Contact Us
Blogs

REVERSE MORTGAGES

Boost your life by tapping into the value of your home

Many older Americans are choosing to use "reverse" mortgages for different reasons. These mortgages allow older homeowners to get cash by using a part of the value of their homes, without having to sell their homes or pay extra bills each month. They can use the money to finance home improvements, pay off their current mortgage, add to their retirement income, or cover healthcare expenses.

In a regular mortgage, you pay the lender each month. But with a reverse mortgage, you receive money from the lender and usually don't have to repay it as long as you live in your home. The loan is only repaid when you pass away, sell your home, or no longer live there as your main residence. Reverse mortgages can help homeowners who have a valuable home but don't have much cash to stay in their homes and meet their financial responsibilities.

To be eligible for the majority of reverse mortgages, you need to be at least 62 years old and residing in your own house. The money you receive from a reverse mortgage is usually not subject to taxes, and most reverse mortgages do not have any income limitations.

Understanding Reverse Mortgages: Explore the Different Options Available

There are three main types of reverse mortgages: single-purpose, federally-insured, and proprietary. 1. Single-purpose reverse mortgages are provided by certain government agencies, nonprofits, and local organizations. 2. Federally-insured reverse mortgages are called Home Equity Conversion Mortgages (HECMs) and are supported by the U.S. Department of Housing and Urban Development (HUD). 3. Proprietary reverse mortgages are private loans backed by the companies that create them.

Single-purpose reverse mortgages have very low costs. However, they are not widely accessible and can only be used for one specific purpose as determined by the government or a nonprofit lender. This purpose can include home repairs, improvements, or paying property taxes. Eligibility for these loans usually requires a low or moderate income.

Key Loan Details

Reverse mortgage loans give you money, and you don't have to pay taxes on it or worry about it affecting your Social Security or Medicare benefits. You also get to keep the ownership of your home and don't have to make monthly payments. The loan only needs to be repaid when the last borrower passes away, sells the home, or stops living there as their main residence. In the HECM program, if you have to live in a nursing home or medical facility, you have up to 12 months before the loan needs to be paid back.

Start

Type of Loan *

Home Purchase

Home Refinance

Cash-Out Refinance

What type of property is it? *

Single Family Home

Condominium

Townhouse

Multi Family Unit

Instant Home Purchase Analysis

Take our 30 second analysis to see if you qualify

Zip Code *

Are You a First Time Homebuyer? *

Yes

No

How will you use the property? *

Primary Residence

Secondary Residence

Rental Property

What stage of the process are you in? *

Signed a Purchase Agreement

I made an offer

Buying in the next few months

Researching what's out there

What is the Purchase Price? *

$

What do you think your down payment percent % will be? *

What is your credit score? *

Excellent 740+

Very Good 700-739

Good 680-699

Some Issues 640-779

Needs Works 639 and below

What is your gross (before taxes) annual household income *

$

What is your employment status? *

Employed

Not Employed

Self Employed

Retired

Bankruptcy, short sale, or foreclosure in the last 3 years? *

Yes

No

Can you show proof of income? *

Yes

No

Are you working with a real estate agent? *

Yes

No

Real Estate Agent Name *

Are you working with a Loan Officer? *

Yes

No

Select Loan Officer *

CRAIG JENKINS
DAWN CLEMENTE
JEFF NEWSOME
No elements found. Consider changing the search query.
List is empty.

How will you use the property? *

Primary Residence

Secondary Residence

Rental Property

Real Estate Agent Name *

What type of property is it? *

Single Family Home

Condominium

Townhuose

Multi Family Unit

What is the estimated value of the property? *

$

How will you use the property? *

Primary Residance

Secondary Residence

Rental Property

What is remaining balance on the 1st mortgage? *

$

What is your first mortgage interest rate? *

$

What type of rate is it? *

Fixed

Adjustable

Do you have a second mortgage? *

Yes

No

Would you like to borrow additional cash? *

Yes

No

How much do you want to borrow? *

$

What is your employment status? *

Employed

Not Emplyed

Self Empoyed

Retired

Bankruptcy, short sale, or foreclosure in the last 3 years? *

Yes

No

Can you show proof of income? *

Yes

No

What is your gross (before taxes) annual household income *

$

Average Monthly Expenses *

$

Do you currently have an FHA Loan? *

Yes

No

Have you had any late mortgage payments in the last 12 months? *

Yes

No

How much do you want to borrow? *

$

Are you working with a Loan Officer? *

Yes

No

Select Loan Officer *

LO Name 1
LO Name 2
LO Name 3
No elements found. Consider changing the search query.
List is empty.

What type of property is it? *

Single Family Home

Condominium

Townhouse

Multi Family Unit

What is your credit score? *

Excellent 740+

Very Good 700-739

Good 680-699

Some Issues 640-679

Needs Work 639 and below

What is the estimated value of the property? *

$

How will you use the property? *

Primary Residence

Secondary Residence

Rental Property

What is remaining balance on the 1st mortgage? *

$

What is your first mortgage interest rate? *

What type of rate is it? *

Fixed

Adjustable

Do you have a second mortgage? *

Yes

No

Would you like to borrow additional cash? *

Yes

No

How much do you want to borrow? *

$

What is your employment status? *

Employed

Not Employed

Self Employed

Retired

Bankruptcy, short sale, or foreclosure in the last 3 years? *

Yes

No

Can you show proof of income? *

Yes

No

What is your gross (before taxes) annual household income *

$

Average Monthly Expenses *

$

Do you currently have an FHA Loan? *

Yes

No

Have you had any late mortgage payments in the last 12 months? *

Yes

No

Your First Name *

Your Last Name *

What is your email *

What is your phone number *

I agree to terms & conditions provided by the company. By providing my phone number, I agree to receive text messages from the business.

0%

About Us

Experience our exceptional service and achieve your goals with confidence. Trust us to guide you from start to finish, because your success is our priority.

Contact Us

21021 Ventura Boulevard Suite 103, Woodland Hills, CA 91364

(818) 740-3702

merica.m@macmortgage.net

Loan Options

Resources

Equal Housing Opportunity

Mac Mortgage, Inc. ™ 2024

NMLS #: 1530208, 481052

DRE #: 02014262, 01891696

States Licensed In: CA, TX, SD, FL

Amaze360.io

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.