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Peoples Home Equity Mortgage Lending

Reverse Mortgage

Reverse Mortgage

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The reverse mortgage or home equity conversion mortgage (HECM) can be ideal if you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses. A reverse mortgage can be complicated and may not be best for you. Contact us and we’ll walk you through the details.

Qualification Requirements

  • Must be 62 years of age or older.
  • Must own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan.
  • Must have the financial resources to pay ongoing property charges including taxes and insurance.
  • Buyer must personally occupy the dwelling as primary residence
  • Loan is based on the age of the youngest borrower or eligible non-borrowing spouse

Product Details

  • Loan amount is based on the lesser of appraised value or the HECM FHA mortgage limit of $625,000.

Ready to take the next step?

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(or simply fill out the Get Started Today form below)
DISCLAIMER: All loans are subject to credit approval and underwriting approval. This is not a commitment to lend.

 

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