YOU’VE EARNED IT.
NOW IT’S TIME TO ENJOY IT.
A reverse mortgage can give you the extra
security you need for a comfortable retirement.
WHY A REVERSE MORTGAGE
WITH APEX LENDING ?
You Own Your Home
You continue to own and
make memories in your home
for as long as you choose
No Mortgage Payments
Not only do you not have to
make any mortgage payments —
we’ll actually pay you!
Receive your funds however you like —
a full or partial payout, a line of credit, monthly payments, or any combination
No Effect on Benefits
Reverse mortgages have NO effect
on certain government resources,
like Social Security and Medicare
REVERSE MORTGAGE BENEFITS
Read on for a list of reasons why a Reverse Mortgage might be right for you.
Own Your Home
When you take out a reverse
mortgage, there is no change
to the title. It’s still in your name
and you still own your home!
Pay Off Your Current Mortgage
With the funds you receive from a
reverse mortgage, you can pay off
your existing mortgage and
own your home outright.
No Monthly Mortgage Payments
If you’re approved for a reverse mortgage, we will make payments to YOU, instead of the other way around!
You Are Protected
Reverse mortgages are insured by the FHA.
If we pay you more than your home
sells for, then government insurance will
cover the difference.
Multiple Disbursement Options
You can receive your funds in a full or partial sum, a line of credit, regular monthly payments, or a combination of any of these — whatever is best for you.
Your Social Security and Medicare
payments will not be affected by a
reverse mortgage, leaving you with
more to spend or save.
Information on reverse mortgage loans
What is a reverse mortgage?
A reverse mortgage allows seniors to use the equity in their homes to supplement their income. Unlike a traditional mortgage in which you make monthly payments to a lender, a reverse mortgage provides monthly payments to you!
Think of it like a home equity loan — the borrower is getting regular payments out of their equity in the property. But unlike a home equity loan, the borrower doesn’t have to make any payments back to the reverse mortgage lender, as long as they live in the home, and make their tax and insurance payments.
The loan balance continues to grow as the borrower receives their payments and interest is accrued, which in turn reduces equity in the home. Reverse Mortgages Orange County Lenders including Apex Lending are ready to provide information on reverse mortgage loans.
How much can I borrow on a reverse mortgage?
This depends on the value of your home. Under FHA and HUD guidelines, the most you can borrow is 80% of your home’s value.
Actual rates will depend on credit score, interest rates, other financial obligations, and distribution type.
Reverse Mortgage Eligibility
To qualify for a reverse mortgage, you must be over the age of 62. You must also own your house outright, or have a low remaining balance due on your home. The house must be your primary residence and be in good condition.
The are additional requirments, just like with any other mortgage — income,credit score and overall financial health, etc . Call one of our mortgage bankers today to discuss your eligibility for a reverse mortgage.
How does it get repaid?
Like any other loan, a reverse mortgage loan has to be repaid eventually. Usually, this happens when the house is sold.
One great benefit to a reverse mortgage — the borrower is not liable if the sale price is less than the balance due. For example, if the reverse mortgage has a balance of $200,000, but the house only sells for $175,000, you do not have to pay the extra $25,000! Reverse mortgages are backed by the FHA, meaning that the FHA will cover the difference.
But if the mortgage balance is $200,000, and the house sells for $225,000, the seller or seller’s estate gets to keep the equity.
How much equity do I need to qualify for a reverse mortgage?
There is no hard and fast rule, but generally borrowers will need at least 50% equity to qualify for a reverse mortgage.
The more equity a borro has in his or her name, the larger the balance the borrower will be able to keep after paying off the existing mortgage.
Are there any limits on how I can spend the funds?
It’s your money, and you can use it however you choose. Just make sure to set aside enough to cover insurance and taxes. They have to be covered as a condition of the reverse mortgage.