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A reverse mortgage is a first mortgage loan that can be used to pay off an existing mortgage, get cash out, or set up a line of credit for future draws.
The main differentiator between it and a regular mortgage is that no principal or interest payment is required while you live in the home and stay current on the property charges.
The interest, and potentially mortgage insurance, that you accrue on a monthly basis is deferred and will be repaid when you sell the home, no longer occupy it as your primary residence, or pass away.
FHA HECM
Private or jumbo reverse mortgages that are not government-insured but are still non-recourse.
Purchase
The use of a reverse mortgage to help acquire a property vs. the standard refinance.
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Learn more about how reverse mortgages work by downloading our free guide.
Inside the guide you’ll learn:
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The original intention for the reverse mortgage was to assist homeowners age 62 or older with their daily living expenses by supplementing their income. However, this is not the only way that you can use a reverse mortgage. Some of the most popular options include:
You must meet the following criteria to qualify for a reverse mortgage:
Age – You must be 62 years or older at the time of closing to be eligible for the FHA HECM product. If you are 62 but have a spouse who is under 62, you must discuss this scenario with us in order to understand the consequences that would occur in the event that your spouse outlives you. Proprietary products can vary in minimum age by state law and have gone as low as 55 years old in the past.
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For most states, we recommend that you complete the process as follows:
Prequalification – If you are comfortable with the proposal you were sent, and your questions have been answered, it is time to have your credit report pulled and to get prequalified.That is when we determine if you have the credit, income, & property charge payment history to take out the loan.
HUD-approved Counseling – There are both local and national agencies that can provide over the phone or in-person counseling, depending on your location and personal preference. Telephone counseling is most common and that is when an unbiased person will review the program with you to make sure you understand it. The session is mandatory for all types of reverse mortgages.
Loan Application – We will work up an application for you after you have provided your basic information for us over the phone or by mail/email. Once you have signed or e-signed the application and provided the required documents, we can begin processing your loan.
Processing – We place the order for services like the appraisal, title work, and flood certification. The appraiser will contact you to set up the appointment. Expect to pay the appraisal management company via credit card. Once we have the completed appraisal, we will send you a copy along with your updated loan terms.
Underwriting – During this part of the process, the risk averse underwriter will look for reasons why the lender should have concerns. If there are any, they must be addressed prior to being cleared for closing.Generally this person is looking for red flags or reasons why a borrower might not meet the loan guidelines.
Closing – We will schedule the closing at your home or at the title company’s office at a time that works best for you. You must have proper identification and a voided check is recommended to receive your funds via bank wire. Some states require attorneys and others require a notary to oversee the closing.
Funding – On the fourth business day after closing, the title company will wire your funds to you. Sundays and holidays are excluded from the three rescission days that you are given to review what you signed before the transaction becomes final.
Funding – On the fourth business day after closing, the title company will wire your funds to you. Sundays and holidays are excluded from the three rescission days that you are given to review what you signed before the transaction becomes final.
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Premier Reverse Mortgage was founded by Matt Neumeyer in early 2012. After spending nearly a decade in the reverse mortgage industry working for others, he decided it was time to form a company around his own values. Those values include building an experienced team that operates with integrity and provides extremely personal service.
PRM is a one-product company and will remain focused on reverse mortgages only. The guidelines and terms of these loans are quite complex, so we feel strongly it is important to be a master of the subject matter.
By providing the requested information and clicking “Submit”, I provide my signature expressly consenting to contact from Premier Reverse Mortgage at the number I provided regarding products or services via telephone call, text message, or email. I understand that my telephone company may impose charges on me for these contacts, and I am not required to enter into this agreement as a condition of purchasing property, goods, or services. I understand that I can revoke this consent at any time. To speak with someone at Premier Reverse Mortgage, please call (800) 996-5361.