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

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Why Get A Reverse Mortgage Loan*

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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, an age expectancy projection and the current reverse mortgage interest rate.
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 out of the LOC, 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 interest 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, an age expectancy projection and the current reverse mortgage interest rate.
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.

Reverse Mortgage Replacing and Paying Off an Existing Mortgage

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, an age expectancy projection, and the current reverse mortgage interest rate.
The reverse mortgage can pay off an existing mortgage. This creates monthly cash flow for the homeowner as there is no monthly PI payment.

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, an age expectancy projection and the current reverse mortgage interest rate.
In 2009, a reverse mortgage 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. The homeowner will need to pay property taxes, homeowners insurance, HOA dues and maintain the property.
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.

Alternative Reverse Mortgage Purchase

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, an age expectancy projection and the current reverse mortgage interest rate.
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.

For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825

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.

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Customer reviews

Meet Bruce Anderson: Your Trusted Guide to Unlocking Retirement Potential through Reverse Mortgages

With a passion for empowering seniors, Bruce Anderson stands at the forefront of the mortgage landscape, enlightening countless individuals about the transformative power of Reverse Mortgages. Recognized as a pioneering authority in this dynamic field, Bruce achieved the distinction of being the inaugural CRMP®, Certified Reverse Mortgage Professional®, not only in his state but also as a trailblazer in the nationwide CRMP® inaugural class of 2010.

The coveted CRMP® designation is an emblem of unrivaled expertise, signifying Bruce’s unwavering commitment to mastery in Reverse Mortgage lending. Rooted in the values of ethical conduct and professional excellence, CRMP® holders represent the zenith of competence and knowledge, setting new benchmarks in the industry.

Membership in the esteemed National Reverse Mortgage Lenders Association (NRMLA) affords Bruce the privilege of offering the CRMP® credential, an accolade synonymous with ethics and integrity in the realm of Reverse Mortgage lending. As the premier industry standard-bearer, the CRMP® serves as the pinnacle credential for Reverse Mortgage Professionals, symbolizing unwavering dedication to the craft.

For over a decade, Bruce has been a steadfast ally to seniors and their families, illuminating the path to financial liberation through Reverse Mortgages since 2006. His sphere of influence extends beyond the individual realm, as he extends his expertise to financial planners, accountants, insurance agents, legal professionals, and realtors. Bruce equips these advisors with comprehensive insights, enriching their ability to guide clients wisely.

Embark on a journey to amplify your retirement experience with Bruce Anderson, where he demonstrates the art of harnessing home equity to fortify your retirement years. Discover the potential of unlocking your home’s value to enhance your quality of life, all under the seasoned guidance of a true luminary in the field.

Contact Us

Legacy Mortgage powered by Guild Mortgage | Reverse Mortgage Team

Bruce Anderson
Certified Reverse Mortgage
Professional, CRMP®
License #237538
505-858-3825

Open: Monday-Friday 9am-5pm

Headquarters Location
6725 Academy Rd, NE
Albuquerque, NM 87109