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Reverse Mortgage Program

Custom Mortgage provides Reverse Mortgage financing with great terms and excellent customer service. Programs include FHA, Conventional and Portfolio Reverse Mortgages. 

A reverse mortgage is a financial product that allows homeowners who are at least 62 years old to access a portion of their home equity without having to sell their home or make monthly mortgage payments. With a reverse mortgage, homeowners can receive payments from their lender in the form of a lump sum, a line of credit, or monthly payments, depending on the terms of their loan.

With our new Reverse Mortgage Programs, you can stop making payments and use your equity until you sell or refinance!

Fast and Simple loan process so you can get access to your equity right away!

What are Reverse Mortgage?

Unlike a traditional mortgage, where the borrower makes monthly payments to the lender, with a reverse mortgage, the lender makes payments to the borrower. The loan is repaid when the homeowner moves out of the home or passes away, often by selling the home. The loan amount is determined by several factors, including the age of the homeowner, the value of the home, and current interest rates.

 

How to Qualify for a Reverse Mortgages?

To qualify for a reverse mortgage, you must meet several criteria. Here are some of the requirements that you need to fulfill:

  1. Age Requirement: You must be at least 62 years old to qualify for a reverse mortgage. If you have a co-borrower, they must also meet the age requirement.

  2. Home Ownership: You must own your home outright, or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage. The home must also be your primary residence.

  3. Equity in the Home: You must have a significant amount of equity in your home. The amount of equity required will depend on the lender, but typically, you should have at least 50% equity in your home.

  4. Financial Assessment: You will need to undergo a financial assessment to determine your ability to pay property taxes, insurance, and maintenance costs. This assessment will also consider your income, expenses, and credit history.

  5. Counseling: You must attend a counseling session with an approved HUD counselor to learn more about the terms and costs of the reverse mortgage.

  6. Property Type: The property must be a single-family home, a 2-4 unit home with one unit occupied by the borrower, a HUD-approved condominium, or a manufactured home that meets FHA requirements.

Reverse Mortgage Loans and Property Financing Overview:

For many homeowners, their home is their most valuable asset. As they age, some homeowners may find themselves in need of additional income to support their retirement years. One option for accessing the equity in their home is a reverse mortgage loan. In this article, we will explore what a reverse mortgage loan is and how it compares to other types of property financing.

Reverse Mortgage Loans

A reverse mortgage loan is a type of loan that allows homeowners who are at least 62 years old to access a portion of their home’s equity without having to sell their home or make monthly mortgage payments. The loan is repaid when the homeowner moves out of the home or passes away, often by selling the home. The loan amount is determined by several factors, including the age of the homeowner, the value of the home, and current interest rates.

One of the benefits of a reverse mortgage loan is that the homeowner can continue to live in their home while receiving payments from the lender. This can be particularly appealing for retirees who are living on a fixed income and want to supplement their income without having to sell their home.

However, there are also some drawbacks to reverse mortgage loans. Interest rates on these loans can be higher than on traditional mortgages, and borrowers are still responsible for paying property taxes, insurance, and maintenance costs on their home. Additionally, the loan must be repaid when the homeowner moves out of the home or passes away, often by selling the home.

 

Traditional Property Financing

Another option for property financing is traditional mortgage loans. These loans are typically used to purchase a home and are repaid over a set period of time with monthly payments. The amount of the loan is determined by the value of the home, the borrower’s credit score, and current interest rates.

One advantage of traditional mortgage loans is that the borrower owns the home outright once the loan is repaid. This can provide a sense of security and stability, particularly for homeowners who plan to stay in their home for an extended period of time.

However, traditional mortgage loans can also have higher monthly payments than reverse mortgage loans, which can be a burden for retirees on a fixed income. Additionally, if the homeowner is unable to make their mortgage payments, they may be at risk of losing their home through foreclosure.

Conclusion

When it comes to property financing, there are several options available to homeowners. Reverse mortgage loans can be a useful tool for retirees who want to access their home’s equity without having to sell their home or make monthly mortgage payments. Traditional mortgage loans, on the other hand, can provide a sense of security and stability for homeowners who plan to stay in their home for an extended period of time. Ultimately, the best option will depend on the individual homeowner’s financial situation and goals.

Reverse Mortgage Loan Territories

StateCityCounty
ALBirminghamJefferson
ALHuntsvilleMadison
ALMobileMobile
ALMontgomeryMontgomery
ALTuscaloosaTuscaloosa
AKAnchorageAnchorage Borough
AKFairbanksFairbanks North Star
AZChandlerMaricopa
AZGilbertMaricopa
AZGlendaleMaricopa
AZMesaMaricopa
AZPeoriaMaricopa
AZPhoenixMaricopa
AZScottsdaleMaricopa
AZSurpriseMaricopa
AZTempeMaricopa
AZTucsonPima
AZYumaYuma
ARFort SmithSebastian
ARLittle RockPulaski
CAAgoura HillsLos Angeles
CAAnaheimOrange County
CAAntiochContra Costa
CABakersfieldKern
CABerkeleyAlameda County
CABeverly HillsLos Angeles
CABurbankLos Angeles
CACalabasasLos Angeles
CACarlsbadSan Diego
CACarsonLos Angeles
CAChicoButte
CAChula VistaSan Diego
CAClovisFresno
CAComptonLos Angeles
CAConcordContra Costa
CACoronaRiverside
CACoronadoSan Diego
CACosta MesaOrange County
CADaly CitySan Mateo
CADowneyLos Angeles
CAEl CajonSan Diego
CAEl MonteLos Angeles
CAElk GroveSacramento
CAEscondidoSan Diego
CAFairfieldSolano
CAFontanaSan Bernardino
CAFremontAlameda
CAFresnoFresno
CAFullertonOrange
CAGarden GroveOrange
CAGlendaleLos Angeles
CAHaywardAlameda
CAHuntington BeachOrange
CAInglewoodLos Angeles
CAIrvineOrange
CALagunaOrange
CALancasterLos Angeles
CALong BeachLos Angeles
CALos AngelesLos Angeles
CAMalibuLos Angeles
CAMarina Del ReyLos Angeles
CAMillbraeSan Mateo
CAMission ViejoOrange
CAModestoStranislaus
CAMoreno ValleyRiverside
CAMurrietaRiverside
CANewportOrange
CANorwalkLos Angeles
CAOaklandAlameda
CAOceansideSan Diego
CAOntarioSan Bernardino
CAOrangeOrange
CAOxnardVentura
CAPalmdaleLos Angeles
CAPasadenaLos Angeles
CAPomonaLos Angeles
CARancho CucamongaSan Bernardino
CARancho Palos VerdesLos Angeles
CARialtoSan Bernardino
CARichmondContra Costa
CARiversideRiverside
CARolling Hills EstatesLos Angeles
CARosevillePlacer
CASacramentoSacramento
CASalinasMonterey
CASan BernardinoSan Bernardino
CASan DiegoSan Diego
CASan FranciscoSan Francisco
CASan JoseSanta Clara
CASan MateoSan Mateo
CASanta AnaOrange
CASanta BarbaraSanta Barbara
CASanta ClaraSanta Clara
CASanta ClaritaLos Angeles
CASanta CruzSanta Cruz
CASanta MariaSanta Barbara
CASan MarinoLos Angeles
CASanta MonicaLos Angeles
CASanta RosaSonoma
CASausalitoMarin
CASimi ValleyVentura
CASolana BeachSolano
CASouth GateLos Angeles
CAStocktonSan Joaquin
CASunnyvaleSanta Clara
CATemeculaRiverside
CAThousand OaksVentura
CATorranceLos Angeles
CAVacavilleSolano
CAVallejoSolano
CAVenturaVentura
CAVictorvilleSan Bernardino
CAVisaliaTulare County
CAVistaSan Diego
CAWest CovinaLos Angeles
CAWestlake VillageLos Angeles
CAWestminsterOrange
COArvadaJefferson
COAuroraDouglas
COBoulderBoulder
COCentennialArapahoe
COColorado SpringsEl Paso
CODenverArapahoe
COFort CollinsLarimer
COGreeleyWeld
COLakewoodJefferson
COLongmontBoulder
COPuebloPueblo
COThorntonAdams
COWestminsterAdams
CTBridgeportFairfield
CTHartfordHartford
CTNew HavenNew Haven
CTStamfordFairfield
CTWaterburyNew Haven
DEDewey BeachSussex
DEDoverKent
DENewarkNew Castle
DEMiddletonNew Castle
DENorth StarNew Castle
DERehoboth BeachSussex
DEWilmingtonNew Castle
FLBoca RatonPalm Beach
FLCape CoralLee
FLClearwaterPinellas
FLCoral SpringsBroward
FLDavieBroward
FLFort LauderdaleBroward
FLGainesvilleAlachua
FLHialeahMiami-Dade
FLHollywoodBroward
FLJacksonvilleDuval
FLLakelandPolk
FLMiami BeachMiami-Dade
FLMiami GardensMiami-Dade
FLMiamiMiami-Dade
FLMiramarBroward
FLOcalaMarion
FLOrlandoOrange
FLPalm BayBrevard
FLPalm BeachPalm Beach
FLPembroke PinesBroward
FLPincrestMiami-Dade
FLPlantationBroward
FLPompano BeachBroward
FLPort Saint LucieSaint Lucie
FLSaint PetersburgPinellas
FLSunriseBroward
FLTallahasseeLeon
FLTampaHillsborough
FLWest Palm BeachPalm Beach
GAAthens-ClarkeClarke
GAAtlantaFulton
GAAugustaAugusta-Richmond
GAColumbusMuscogee
GARoswellFulton
GASandy SpringsFulton
GASavannahChatham
HIHonoluluHonolulu
IDBoiseAda
ILAuroraKane
ILChicagoCook
ILElginKane
ILJolietKendall
ILNapervilleDuPage
ILPeoriaPeoria
ILRockfordWinnebago
ILSpringfieldSangamon
ILWaukeganLake
INFort WayneAllen
INIndianapolisMarion
IACedar RapidsLinn
IADavenportPolk
IADes MoinesPolk
KSOverland ParkJohnson
KSWichitaSedgwick
KYLexingtonFayette
KYLouisvilleJefferson
LABaton RougeMarshall
LANew OrleansOrleans Parish
LAShreveportCaddo Parish
MEPortlandCumberland
MDBaltimoreBaltimore
MABostonSuffolk
MABrocktonPlymouth
MACambridgeMiddlesex
MAFall RiverBristol
MALowellMiddlesex
MALynnEssex
MANew BedfordBristol
MAQuincyNorfolk
MASpringfieldHampton
MAWorcesterWorcester
MIAnn ArborWashtenaw
MIDearbornWayne
MIDetroitWayne
MIFlintGenesee
MIGrand RapidsKent
MILansingIngham
MILivoniaWayne
MISterling HeightsMacomb
MIWarrenMacomb
MNMinneapolisHennepin
MNSaint PaulRamsey
MSJacksonHinds
MOKansas CityWyandotte
MOSpringfieldGreene
MOSaint LouisSaint Louis
MTBozemanGallatin
NELincolnLancaster
NEOmahaDouglas
NVHendersonClark
NVLas VegasClark
NVNorth Las VegasClark
NVRenoWashoe
NHManchesterHillsborough
NJElizabethUnion
NJJersey CityHudson
NJNewarkEssex
NJPatersonPassaic
NMAlbuquerqueBernalillo
NYAlbanyAlbany
NYBuffaloErie
NYNew YorkNew York
NYRochesterMonroe
NYYonkersWestchester
NCCaryChatham
NCCharlotteMecklenburg
NCDurhamDurham
NCFayettevilleCumberland
NCGreensboroGuilford
NCHigh PointGuilford
NCRaleighWake
NCWilmingtonNew Hanover
NCWinston-SalemForsyth
NDWillistonWilliams
OHAkronSummit
OHCincinnatiHamilton
OHClevelandCuyahoga
OHColumbusFranklin
OHDaytonMontgomery
OHToledoLucas
OKBroken ArrowTulsa
OKNormanCleveland
OKOklahoma CityOklamhoma
OKTulsaTulsa
ORBeavertonWashington
OREugeneLane
ORGreshamMultnomah
ORHillsboroWashington
ORPortlandMultnomah
ORSalemMarion
PAAllentownLehigh
PAErieErie
PAPhiladelphiaCentre
PAPittsburghAllenheny
RIProvidenceProvidence
SCCharlestonCharleston
SCNorth CharlestonBerkleley
SDSioux FallsMinnehaha
TNKnoxvilleKnox
TNMemphisShelby
TNMurfreesboroRutherford
TNNashvilleDavidson
TXAllenCollin
TXAmarilloPotter
TXArlingtonTarrant
TXAustinTravis
TXCarrolltonDallas
TXCorpus ChristiNueces
TXDallasDallas
TXDentonDenton
TXEl PasoEl Paso
TXFort WorthTarrant
TXFriscoCollin
TXGarlandDallas
TXGrand PrairieDallas
TXHoustonHarris
TXIrvingDallas
TXLaredoWebb
TXMcKinneyCollin
TXMesquiteDallas
TXPlanoCollin
TXRichardsonDallas
TXSan AntonioBexar
UTSalt Lake CitySalt Lake
VTBurlingtonAlamance
VAAlexandriaFairfax
VAChesapeakeChesapeake
VAHamptonElizabeth City
VANewport NewsWarwick
VANorfolkNorfolk
VAPortsmouthPortsmouth
VARichmondChesterfield
VARoanokeRoanoke
VAVirginia BeachVirgina Beach
WABellevueKing
WAEverettSnohomish
WAFederal WayKing
WAKentKing
WARentonKing
WASeattleKing
WASpokane ValleySpokane
WASpokaneSpokane
WATacomaPierce
WAVancouverClark
WAWashington, D.C.Washington
WAYakimaFerguson
WVCharlestonKanawha
WIGreen BayBrown
WIKenoshaKenosha
WIMadisonDane
WIMilwaukeeMilwaukee
WYGilletteCampbell