Loan Programs

We offer a myriad of home loan programs that will cater to your needs as a homeowner. Read below to learn more about your options

Payment Options

Line of Credit

Borrowers can acquire capital by submitting a written request to the company servicing the loan. A key feature of the line of credit is that the unused portion accumulates over time. The borrower is not amassing interest similar to the workings of a checking account. Instead, the compounding of the loan takes into consideration that you are one year older and that your home has appreciated in value. 

Term Payment

This choice provides borrowers with fixed monthly payments for a specified amount of time. If, for instance, the borrower is 65 and would like to defer utilizing Social Security until age 70 (so that he or she can receive the maximum payout benefit), this person can enact term payments for five years. The amount received each month will be unchanged, even if the home depricates in value.

Tenure Payment

This type of benefit provides borrowers with fixed monthly disbursements for as long as the person lives in the home as a primary residence. Even if the loan balance exceeds the value of the home, the borrower will still draw from the same monthly payment. The payments only halt when the borrower passes away or leaves the home for good.

Modified Term / Line of Credit

With this option, the borrower starts a line of credit and collects fixed monthly payments for a given amount of time.

Modified Tenure / Line of Credit

With this option, the borrower starts a line of credit and receives fixed monthly payments for as long as he or she lives in the home.

Single Disbursement / Lump Sum

With this option, all of the accessible loan proceeds are open at closing. This usually occurs when the borrower uses the HECM for Purchase program or to pay off a large current mortgage on the property. 

For Purchase

Rather than remaining in the same home that one has lived in for several decades, a borrower can adopt a reverse mortgage to cut back and purchase a new home. The upside of utilizing HECM for Purchase is that the new home is purchased outright, using funds from the sale of the previous home, private savings, gift money and  sources of income, which are then aggregated with the reverse mortgage proceeds. This home buying process leaves you with zero monthly mortgage payments.

Download the free A-Z Reverse Mortgage Brochure

Find out which payment option is for you

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  • NMLS ID #1612653

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