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What is a Reverse Mortgage?

Get the facts

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.

PRM has the full suite of reverse mortgage products available including several proprietary loan options.

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FHA HECM​

The most common type of reverse mortgage that is insured by the Federal Housing Administration.
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Proprietary

Private or jumbo reverse mortgages that are not government-insured but are still non-recourse.

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Purchase

The use of a reverse mortgage to help acquire a property vs. the standard refinance.

Premier Reverse Mortgage Customer Reviews

At Premier Reverse Mortgage, our sole focus is reverse mortgages. We have handled virtually every scenario imaginable and are ready to assist you with your loan. Please read some actual customer reviews below.
Doug HassingerDoug Hassinger
19:29 02 Nov 22
I recently worked with Matt Neumeyer and Jeff Hancock. As a family law attorney (read: Divorce Lawyer), I work with clients in unique positions and regularly need the assistance of qualified, experienced, and creative professionals. Matt and Jeff are knowledgeable, professional, and (most important in this case) patient. They kept me informed and ahead of the game each step of the way. I put my own reputation on the line when I recommend professionals, and have NO issue with recommending PRM again. Many thanks to the entire team.
Mike WarrenMike Warren
21:45 12 Sep 22
Jeff at PRM is just about the most knowledgeable mortgage professional I have had the pleasure to work with. We depended on him for clear, dumbed down answers for our concerns and questions, his help through the reverse mortgage process made this complex loan and the decisions a lot easier. I rarely give a 5 star rating because I think there’s always room for improvement but in this case, with what’s at stake, a prefect score is a must to get my rating. I feel confidant that Matt and Jeff will do the same for anyone needing their service.
Karen HuguleyKaren Huguley
18:01 18 Aug 22
Going through the mortgage process is never fun, but the folks at Premier provided much-needed guidance through it. We tried one other rev. mortgage co., but chose Premier based on its lower origination points, higher payout, and generally better “vibe.” We’re glad we did.
john Ramusjohn Ramus
17:29 18 Aug 22
Lynnette and Matt were so helpful in securing my mortgage . The process was not as hard I thought it would be ..They quickened the process..Any I had a questions I had were answered quickly.I would strongly recommend the company. Thank you Lynnette and Matt for making a little easier for me now .
Linda SchulterLinda Schulter
19:15 13 Oct 21
After reaching out to several reverse mortgage companies and received no response, we contacted Matt at Premier Reverse and are so glad we did. From the beginning through closing Matt was always there to answer any questions and kept the process moving along in a timely manner. He was never high pressure but provided all the relevant facts about reverse mortgages so we felt confident in our decision-making. We highly recommend him to anyone considering a reverse mortgage. He truly is a gentlemen of experience and integrity!
William SteckerWilliam Stecker
13:21 06 Oct 21
Matt, the owner of Premier Reverse Mortgage, has successfully guided me through three reverse mortgages; all of which presented different situations. His expert care brought all three transactions to timely and successful conclusions with little or no difficulty and no surprises. To others contemplating a reverse mortgage, you need go no further, you are in good hands with Matt.
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Learn more about how reverse mortgages work by downloading our free guide.

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reverse mortgage guide

Uses of a Reverse Mortgage

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:

 

  • Eliminating an existing mortgage
  • Making home repairs and modifications
  • Paying off existing debts (i.e. credit card, car loan)
  • Paying medical bills or for in home health care
  • Assistance in paying for property taxes and insurance
  • Planning an estate in order to leave money to heirs
  • Extending retirement assets (drawing from home equity during times when the market is down)
  • Buying a new home

Program Eligibility Requirements

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.


Residence – You must own a single family residence, FHA approved condominium, townhouse, manufactured home, or up to four unit property as your primary residence. Mobile homes and condominiums have very specific rules for qualification. 

Equity – You must have equity in your property. There is no standard percentage of equity versus debt figure, but a rough estimate would be at least 50% equity in your property.The older you are the more you can borrow via a reverse mortgage, and interest rates at the time of taking out the loan impact how much you can borrow.

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The Process for Obtaining a Reverse Mortgage

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 Lobby

About Us

Our experienced team specializes in reverse mortgages

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.