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Why Get A Reverse Mortgage Loan*
Legacy Mortgage powered by Guild Mortgage is your lender for life. As such, we offer a robust menu of mortgage home loans and services in New Mexico, Texas, Colorado, and Arizona. Rest easy knowing you’re in good hands with us!
Reverse Mortgage Line of Credit
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower and an age expectancy projection. This loan amount can be set up as a line of credit (LOC). The homeowner has the option to withdraw funds as needed. Interest is not charged on the balance in the LOC. Once the homeowner withdraws funds, that balance is added to the reverse mortgage loan balance and is charged interest at that time. The balance of funds in the LOC or unused funds does expands at the current rate of the reverse mortgage loan.
Reverse Mortgage Monthly Payment
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower and an age expectancy projection. In 2009, a HECM purchase program was added. Seniors can buy a home with a reverse mortgage by coming in with a down payment of 35-50% depending on the age of the youngest borrower. This gives Seniors plenty of options when downsizing or moving closer to family. This is the only program that will allow seniors to buy a home with no monthly payment other than paying cash for the home. Also, its possible senior homebuyers may be able buy a larger home to fit their needs if they can’t find a house within their cash budget.
Reverse Mortgage Replacing and Paying Off an Existing Mortgage
This reverse mortgage loan amount is calculated by a program managed by a Reverse Mortgage Company (not FHA/HUD not a HECM) using the home value, the age of the youngest homeowner or borrower and an age expectancy projection.
These programs are for higher end homes up to $5 million dollars and other homes that may not fit into the FHA/HUD, HECM program. The minimum age for this program is 60 years of age or less. This program offers cash out, exiting mortgage payoffs and a purchase program. The LOC or line of credit option will vary by State.
Reverse Mortgage Purchase
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower and an age expectancy projection. The reverse mortgage loan amount can be converted to a monthly payment automatically deposited in the homeowners account. This option helps increase the homeowner’s monthly cash flow to meet monthly financial needs.
Alternative Reverse Mortgage Purchase
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower and an age expectancy projection. The reverse mortgage can pay off an existing mortgage. This creates monthly cash flow for the homeowner as there is no monthly PI payment.
For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825 or Gordon Mitchell at 505-293-1567
Frequently Asked Questions
The Legacy team has put together some of the most frequently asked questions so you can better understand the process. Of course, if you have any additional questions you can always call and ask!
What is the minimum age?
The minimum age is 62 years old. For a married couple, at least one homeowner must be 62 years of age.
Can you buy a home with the reverse mortgage program?
Yes, the reverse mortgage purchase program became available in 2009. This option is usually used for homeowners who are downsizing or relocating. A great option to buy a home for less down, instead of paying cash, keeping more cash in the bank and not have a mortgage payment.
When is a reverse mortgage paid back?
The reverse mortgage loan is paid back when all reverse mortgage borrowers have left the home that secures the reverse mortgage. Heirs may sell the home, pay off the reverse mortgage and receive the remaining equity in the home.
What entity manages and insures most reverse mortgages?
HUD/FHA insures most reverse mortgages and manages the program. Other reverse mortgage programs, proprietary reverse mortgages are available in some states.
Is there special training for reverse mortgage loan officers?
The National Reverse Mortgage Lenders Association, NRMLA has a special designation CRMP, Certified Reverse Mortgage Professional. This program has continuing education requirements. A CRMP has demonstrated superior knowledge and competency with the reverse mortgage program. In addition, a CRMP has agreed to uphold the highest ethical and professional standards in the reverse mortgage industry.
Do I have choices on how I receive my funds?
Yes, The reverse mortgage can access equity in your home by setting up a monthly lifetime payment, a credit line for future use or cash out or a combination of all three depending on the homeowners needs.
Is there a monthly mortgage payment?
No, the reverse mortgage is paid back by selling the home when the last homeowner passes away.
What homeowner responsibilities will continue after you have set up a reverse mortgage?
The homeowner must continue to pay homeowners insurance, property taxes, HOA fees and other fees assigned to the property. In addition, a yearly occupancy questionnaire is filled out and returned to loan servicer.
Our Stories & Reverse Mortgage News
Reverse Mortgages –Simplified Part 2- Loan Calculation
There is a loan calculator managed by FHA/HUD that determines your HECM reverse mortgage loan amount or the amount of equity in your home that a homeowner may access. The calculator uses the age...Read more
25 Ways to Use a HECM – (Home Equity Conversion Reverse Mortgage) In Texas and New Mexico
25 Ways to Use a HECM – (Home Equity Conversion mortgage, or simply put, a Reverse Mortgage) in Texas and New Mexico as outlined by Bruce Anderson from Legacy Mortgage powered by Guild...Read more
Reverse Mortgage for Investment Protection in Texas and New Mexico
Reverse Mortgage for Investment Protection in Texas and New Mexico Michael Lazar Contributor, NowItCounts.com The media has changed its tone on reverse mortgages in recent months in all areas of...Read more
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