Reverse Mortgages

Apply
Closing loans as promised, as scheduled, guaranteed
717-431-9299
Realtors, click here
Financial Planners, click here
 
Reverse Mortgages

Reverse Mortgages

The Truth About Reverse Mortgages - consumer class

What is a Reverse Mortgage?

A Reverse Mortgage makes payments to you, as opposed to you making payment to your mortgage. This can be in a lump sum or monthly, depending on what kind of mortgage program you use.

A Reverse Mortgage is a loan program specifically designed for people aged 62 years or better, that allows you to receive payments from your home using your accumulated equity. With a Reverse Mortgage you can pay off your existing mortgage and make no monthly payments, as long as you live in your home.

If your answer to these questions is or soon will be 'Yes,' you may want to find out if a Reverse Mortgage makes sense for you.

Haven't I heard bad things about this kind of mortgage?

Reverse Mortgages aren't well understood, sometimes even by financial professionals, unfortunately. Add to that a history without enough protection for the home owner, and voila: bad reputation.

Will I Be Able to Leave My Home to My Children?

Absolutely. It is your home. Many concerned loved ones mention this when someone is considering a Reverse Mortgage. Our classes are a perfect place for you to come together, and bring all of your questions: Click here to find out about our classes and register.

A Reverse Mortgage is simply a mortgage - a lien on your property in exchange for money. You decide how large it can get - just as you would in a refinance. The difference is in who gets paid, how, and when. In this case, it is you who receives the payment(s), and repayment of the loan is deferred to after you no longer live in the home.

How Does a Reverse Mortgage Work?

A Reverse Mortgage is a lien against your property, just like a 'regular' mortgage, therefore you need to have equity in your home or be able to provide monetary investment at closing from an allowable funding source. You then receive payment, drawing on that equity - lump sum or monthly, depending on what kind of Reverse Mortgage you're using. You continue to own your home, just as you do with a 'regular' mortgage. You cannot get upside-down with a reverse mortgage. That may have been true once, but there are protections in place now that prevent that from being possible.

Can I Purchase a Home With a Reverse Mortgage?

Yes!

We have a Reverse Mortgage Specialist on staff who can speak with you about your options:
Jay Lowman
717-431-9299
NMLS #52771
Apply now on our secure server

* Although there are no monthly payments, interest accrues on the portion of the loan disbursed. The borrower will continue to be responsible for paying property taxes and homeowner’s insurance on time, and maintaining the home in good condition as their primary residence. Please consult your Fairway Loan Officer for details.

Other loan programs:

  • Conventional Purchase and Refinance Mortgages
  • (FHA) Low Down Payment Mortgages
  • (VA) Veterans and Active Duty Military - Low and No Downpayment Mortgages
  • (USDA-RD) Rural Housing No Downpayment Mortgages
  • (PHFA) Low Downpayment Mortgages With Tax Credit Options
  • Jumbo Mortgages (Over $417,000)
  •  

    Home
    Apply / Pre-Qualify
    Loan Programs
    Buying a Home
    Refinancing
    About Us

    Subscribe to RSS headline updates from:
    Powered by FeedBurner

    FAIRWAY Independent Mortgage Corp.
    801 Estelle Drive
    Lancaster, PA 17601

    717-431-9299
    Fax: 866-580-9204
    Contact