Reverse Mortgage Loans

Reverse Mortgage Services

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Leverage Your Home With A Reverse Mortgage

At Neighborhood Mortgage, we know that everyone has different needs for their financial future. As mortgage brokers, we usually help people buy a home. However, we can also help you leverage your current home for a reverse mortgage.


A reverse mortgage is a loan based on the equity of the home that you own. Reverse mortgages are a type of FHA loan, and they are also known as insured Home Equity Conversion Mortgages (HECM). With this loan, you can get the spending capital you need for increased financial flexibility. As long as you comply with the terms of your reverse mortgage, it doesn't need to be paid off until you sell your home or permanently leave it as your primary residence.


These are unique mortgage loans, with distinctive pros and cons. They aren't perfect for everyone, but they may be the right choice for you. At Neighborhood Mortgage, we'll help you figure it out. Our dedicated team of advisors, with over 150 years of combined experience, is ready to guide you through the process. Get in touch with our team today!


FAQs About Reverse Mortgages

Before getting a reverse mortgage, you need to understand what they are and how they work. You can always talk to Neighborhood Mortgage about these options. To get started, consider these frequently asked questions about reverse mortgages.

  • How much am I eligible for?

    The amount that you (the borrower) will be eligible for depends on three factors:


    • The age of the youngest borrower or eligible non-borrowing spouse (all borrowers must be at least 62, a non-borrowing spouse may be under 62)
    • The lesser of the value of the home or the FHA HECM lending limit
    • Expected interest rate

  • How can I receive money?

    Proceeds from a reverse mortgage can be received in any combination of the following:


    • Monthly Payments: Your choice of loan advances for a specific period or for as long as you live in your home
    • Line of Credit: Payment of taxes, insurance, maintenance of the home, and so on (the lender will set aside a specific amount of money for a credit line, and the borrower may outlive the monthly payment stream)

  • What are the out-of-pocket costs?

    Typically, the only out-of-pocket expenses are the cost of the appraisal and the required HUD-approved consumer counseling session. Other loan costs may be financed with your reverse mortgage, but doing so will reduce the loan proceeds available to you.

  • When does a reverse mortgage need to be paid off?

    Generally, a reverse mortgage loan does not become due and payable until the last surviving borrower or eligible non-borrowing spouse dies, sells the home, or permanently leaves the primary residence.

  • Do I still need to pay for taxes and insurance?

    Yes, the homeowner must continue to pay the property taxes and homeowner insurance, as well as maintain proper upkeep of the property. You cannot lose your home under normal circumstances, but please understand foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms. Taxes and insurance can be paid out of the loan proceeds if so desired.

  • Will my heirs be responsible for my loan?

    The reverse mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. Your heirs will not be responsible for the repayment of the loan beyond the sale amount. At the time the loan becomes due and payable, your heirs can choose to either repay the loan (through refinancing, life insurance, and so on) and keep the house or sell the house to repay the loan. You and your heirs will receive all remaining equity if any exists after the sale. Since the reverse mortgage is a non-recourse loan, you and your heirs will never owe more than the amount for which the home is sold, even if there is not sufficient equity to pay off the loan.

  • Will the lender own my home?

    Generally, the lender does not take control of the title and the lender’s interest is limited to the outstanding loan balance. You will retain ownership of your home provided that you comply with the terms of the reverse mortgage loan.

This information was prepared by our team at Neighborhood Mortgage. Despite our experience, we are not part of HUD or the FHA. This information has not been reviewed by any government agency. If you're ready to get started or learn more, Neighborhood Mortgage is here. Contact us now!


A Mortgage Team With Integrity

With Neighborhood Mortgage, you're not just getting a loan; you're getting a financial advisor who's here to work for you. We're always striving to offer competitive rates and will try to beat our competitors' rates. We're known for our fast, accurate mortgages. We can start your loan within 24 hours and have a reputation for fast closings. You won't find faster, more reliable service with another broker.


Plus, we're a team with integrity. As a local, family-owned business, we've served Washington and Arizona since 2004. Our small but mighty team is dedicated to providing personable service, tailored to your unique needs. We take the time to explore all your loan options, providing you with the best advice to make informed decisions.


Let the team at Neighborhood Mortgage earn your trust. We are committed to helping you achieve your dreams. Get a free consultation by contacting us now!


Contact Neighborhood Mortgage Today

Get in touch with Neighborhood Mortgage to tap into your home's equity. Our team is ready and eager to serve you, providing the personalized service and expert advice you need. Whether you prefer to reach out via call or fill out a form, we're here to get your needs met promptly and professionally. Get in touch now!

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I particularly like the way everyone keeps me up to date on what is happening. There are never any surprises! I've done several mortgages with them and am always pleased!

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Learn More About

Neighborhood Mortgage

Serving the Washington and Arizona area. Neighborhood Mortgage specializes in VA loans, FHA loans, USDA loans, reverse mortgages, and building loans. Free consultations. Over 150 years of combined experience. Loan advisors are available 7 days a week. Call now.

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