The federally insured (HECM) Reverse Mortgage is a special program for seniors 62 years or older that allows them to access the equity in their primary residence to help fund their retirement.
The interest is added to the balance of the loan and paid off when the homeowner moves or sells the property.
Some key benefits are:
- Pay off an existing mortgage and eliminate your monthly mortgage payments
- Take cash out to pay off debt, do home improvements, or whatever else you had in mind
- Receive a monthly income stream
- Access to a line of credit
- No monthly payments on the amount borrowed
- Continue to own your home
- No requirement to sign over title to the bank
This program is very flexible which allows us to tailor a benefit that specifically meets your needs in retirement.
We also have access to a non-FHA proprietary jumbo reverse mortgage for non-FHA condos and jumbo loans above $850,000.
Any questions? Chat with us now! Our Loan Officers would love to answer any of your questions and get you pre-qualified today! 10,000 Baby Boomers are turning 65 daily. Let’s discuss if a reverse mortgage is right for you!
The Griffin Funding Experience
At Griffin Funding you can expect transparency and open communication, a knowledgeable team of industry experts and a customer-centric team working together to make your home buying experience effortless and exciting. We are fast and efficient, closing most of our purchase loans in 30 days or less.
Griffin Funding will offer the right loan tailored to you (VA, FHA, Conv, Jumbo and much more). Contact us for more information on your mortgage loan needs.