Reverse Mortgage

Home Equity Conversion Mortgage

Also known as a Reverse Mortgage, this Government insured loan program allows homebuyers and homeowners 62 years or older to access equity in the form of a “no payment” mortgage, or even receive monthly payments from their equity for as long as they remain in the home.

Borrower Requirements

  • Owner Occupied only – borrower must live in the home as a primary residence
  • Borrower must 62 years of age, or older
  • Approval determined by Age of Borrower and Equity in Home
  • Must receive Reverse Mortgage Counseling Prior to Application

Loan Terms

  • Home Equity Line of Credit – Access Equity at Any Time
  • Home Equity Line of Credit – Receive Monthly Payments
  • Government Mortgage Insurance Required

Property Requirements

Properties eligible for FHA financing include:

  • 1 family residence – single family residence (SFR)
  • 2 family residence – duplex (owner must occupy one unit)
  • 3 family residence – triplex (owner must occupy one unit)
  • 4 family residence – fourplex (owner must occupy one unit)
  • Single family Condominium – with HOA approval
  • Single family Townhouse – with HOA approval

Loan Limits

The maximum loan amount allowed when using a Reverse mortgage is determined by the County you live in.  Loan amounts can also vary based on the number of units in the property.

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This material is not from HUD or FHA and has not been approved by HUD or a government agency © Point Financial Kailua-Kona. All Rights Reserved.  Website powered by Ziemelis Communications