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How a Reverse Mortgage Loan Works

It’s time to spend retirement on your terms.

For most baby boomers and seniors, you’ve either paid your mortgage off or you have it being close to being paid in full.  You’ve worked hard all your life to get your home paid for or close to being paid for. Now it’s time for all the hard earned money and time taken to earn those funds to start paying you back. In the current financial environment, many seniors need financial help to make ends meet or to try to live a life that is not just sitting at home with nothing to do because they run out of funds each month.  A reverse mortgage loan is a great tool for many seniors. With a Reverse Mortgage loan, you can use the funds as you wish to do so and enjoy the years you have as a senior to do what you want to do and need to do with the funds.

What is a Reverse Mortgage Loan?

A reverse mortgage loan is a federally insured mortgage (financial tool) that allows seniors that are age 62 and older to access a portion of mortgage loan is a federally insured mortgage (financial tool) that allows seniors that are age 62 and older to access a portion of their homes equity and convert it into tax-free retirement income; required payments are property taxes, insurance and maintenance costs. It gives you the financial security and supplemental retirement cash flow to stay at home and live independently.  You don’t have to sell your home, you don’t have to give up the title to your home to anyone else, and best of all, you do not have to make monthly mortgage payments subject to complying with the loan terms. The reason it’s called a Reverse Mortgage is because unlike a regular mortgage (a forward mortgage) you make payments each month.With a reverse mortgage loan there are no payments required to be made each month; required payments are property taxes, insurance and maintenance costs. They are flexible and safe and will maintain the title for as long as you live in your home. When the loan is due, the amount you or your loved one’s owe will not be more than the appraised value of the home.   And any equity that remains in your home remains yours and is not the banks nor the governments (HUD).

Reverse mortgage loans are flexible and safe, you will maintain the title for as long as you live in your home, there no principle and interest payments required to be made each month; required payments are property taxes, insurance and maintenance costs.  If property taxes and home-owners insurance are not made, then you are at risk of losing your home to foreclosure.

When the loan is due, the amount you or your loved one’s owe will not be more than the appraised value of the home.   And any equity that remains in your home remains yours and is not the banks nor the governments (HUD).

If you are considering a reverse mortgage loan  (HECM Loan / HECM Mortage), you have come to the right place.  We are the Reverse mortgage Loan lender to help with personalized service.

If you want a lender that specializes in Reverse Mortgage loans, the Ben Gerritsen team is the reverse mortgage lender specialist to work with.
Mortgage Miracles Happen specializes in arranging Reverse Mortgage loans for seniors.  We are a Reverse Mortgage Loan lender specialist in Colorado, Florida, Utah & Texas.

Disclaimer: “These materials are not from HUD or FHA and were not approved by HUD or a government agency.” (ML 2014-10).

  • Ben was so great to work with on our refinance. He went above and beyond to make sure it was done right and that everything was in place. We would highly recommend him to anyone.

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    All loans subject to credit approval. Rates and fees subject to change. Mortgage financing brokered by Mortgage Miracles Happen, LLC. Equal Housing Lender.
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