Home owners over 62 years of age use your home equity for retirement planning options!

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Why Get A Reverse Mortgage?

A Reverse Mortgage (also known as an HECM, a Home Equity Conversion Mortgage) is a mortgage loan, insured by FHA and HUD, that enables homeowners over 62 to convert part of their home into tax free payments or draws without having to sell, give up the title or take on new mortgage payments.

Seniors Use Reverse Mortgages To:

Create cash flow by paying off existing mortgages and debt, Add to existing retirement income, Plan for future retirement, Create cash reserves for emergencies, Pay for health care, Pay for home improvements, and to Downsize and buy smaller homes.

Reverse Mortgage Features:

No mortgage payments are required as long as the homeowner occupies the home. The borrower must continue to pay taxes and insurance and otherwise comply with the loan terms.
This loan is attached only to the primary residence and is a non-recourse loan. Mortgage insurance provided by FHA/HUD is required on all FHA reverse mortgages. Mortgage insurance provides protection for the homeowner and their heirs by never having to pay back more the value of the home. The Reverse Mortgage loan balance does grow and accrues interest over time. The loan growth rate depends on how the homeowner accesses funds available and program chosen. Loans costs will vary depending on loan program chosen.

Reverse Mortgage Qualifications:

At least one homeowner must be over the age of 62, the home must have at least 50-55% equity in home available for use, the home must be owner-occupied and the borrower's primary residence, all mortgages, and liens must be paid off.

Property taxes, homeowners insurance, and property maintenance are paid by the homeowner, Reverse Mortgage homeowners are required to complete FHA/HUD counseling for Reverse Mortgages, homes require an FHA appraisal by an approved licensed appraiser.

For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825 or Gordon Mitchell at 505-293-1567

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Order Your Free Info Kit – Legacy Reverse Mortgage Team

As a reverse mortgage lenders, Bruce Anderson and Gordon Mitchell at Legacy Mortgage/Legacy Lending Home Loans want to help you make educated decisions based on solid information and knowledge. That’s why they strive to keep you informed with the best reverse mortgage information possible. Here you’ll get tips and advice, the latest news, industry updates, retirements, reverse mortgage help, and of course, articles on senior living in general.

Together as the Legacy Reverse Mortgage Team, they will help you learn a few things about the process: the reverse mortgage payoff, how loan disbursement works, what makes our team one of the best in the industry.

Order Your FREE Reverse Mortgage Kit

For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825 or Gordon Mitchell at 505-293-1567

Frequently Asked Questions

We here the legacy mortgage team 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.

Still have a question? Ask your question here

What Our Customers Are Saying

Great Pleasure!

Working with Bruce has been a great pleasure. He excels in professionalism. He was recommended to me and I feel fortunate to have worked with him.


Bruce was very efficient!

Bruce was very efficient and has a great sense of humor.


Beyond what was Expected!

Bruce went beyond what was expected.



I am so thankful for my friend referring Bruce. I am thankful for being able to get a reverse mortgage.


True Professional!

Mr. Anderson is a true professional in his field. He explained the reverse mortgage buying process better than anyone we’ve ever met.


Easy and Understandable!

Bruce made the process of a reverse mortgage very easy, and understandable. I would recommend Bruce very highly.


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For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825 or Gordon Mitchell at 505-293-1567

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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...
Reverse Mortgages-Simplified-Introduction
Reverse Mortgages –Simplified- Introduction   The reverse mortgage program was created back in 1988. The program was developed for retired seniors who had equity in their homes, but were short...
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/Legacy Lending Home...

Contact Us

Legacy Reverse Mortgage Team

Bruce Anderson
Certified Reverse Mortgage
Professional, CRMP®
License #237538

Gordon Mitchell
Mortgage Consultant
License #254724
(505) 293-1567

Or use the handy form below:

Open: Monday-Friday 9am-5pm

Order Your FREE Reverse Mortgage Kit

Bruce Anderson, CRMP® and Gordon Mitchell  at  Legacy Mortgage are the most experienced and knowledgeable reverse mortgage consultants and loan originators in the State of New Mexico. Bruce was the first to earn the Certified Reverse Mortgage Professional designation in New Mexico. He  has been a member of the National Reverse Mortgage Lenders Association (NRMLA) for over four years. NRMLA is the foremost authority in the reverse mortgage industry and the leading association in ethics and integrity for the reverse mortgage industry.

reverse mortgage is a loan available to people over 62 years of age that enables borrowers to convert part of the equity in their home into cash for monthly draws, a line of credit or mortgage payoff. The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed. Instead of making monthly mortgage payments to a lender (as with a traditional mortgage), the lender makes payments to the borrower.

The Legacy Reverse Mortgage Team services the state of New Mexico in the cities of: AlbuquerqueRio RanchoSanta FeFarmingtonLas Cruces, and the state of Texas.  The team has educated hundreds of seniors and real estate professionals about the reverse mortgage program and is New Mexico’s most experienced and trained experts in the field.  They work with many financial planners, accountants, insurance agents and lawyers and offer quality information and alternatives for retirement planning. Contact us today for preliminary figures and an explanation of the Reverse Mortgage calculator.