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Reverse mortgage
HIGHLIGHTS
HomeSafe Standard:
- Access up to $4 million in home equity.
- Available for homeowners aged 55 and older.
HomeSafe Second:
- Maintain existing mortgage.
- No new monthly payments.
- Available for homeowners aged 55 and older.
HomeSafe Flex:
- Flexible payment options tailored to your needs.
HECM (Home Equity Conversion Mortgage):
- Federally insured for peace of mind.
- Flexible payout options: lump sum, monthly payments, or line of credit.
- Available for homeowners aged 62 and older.
Reverse mortgage
REQUIREMENTS
– Income – No income documents required
– Assets – 2 months of bank statements
– Insurance – 12 months of coverage paid at closing
– Title – Title insurance paid at closing
– Identification – Copy of Drivers License/ID/Passport
– Full Appraisal
What are
Reverse mortgage
Reverse mortgage loans allow homeowners aged 55 and older to convert their home equity into cash without selling their property or making monthly mortgage payments. This unique financial tool provides several payout options, including a lump sum, monthly payments, or a line of credit. Reverse mortgages are ideal for retirees seeking to supplement their income, cover healthcare expenses, or finance home improvements while retaining home ownership. At Custom Mortgage, we offer tailored reverse mortgage solutions designed to meet your individual financial needs.
Benefits of
Reverse mortgage
Benefits of
Reverse mortgage
Supplemental Retirement Income
A reverse mortgage allows you to tap into your home equity to supplement your retirement income without having to sell your home. This can be especially helpful for seniors experiencing a significant income reduction after retiring.
Tax-Free Funds
The money you receive from a reverse mortgage is not considered taxable income by the IRS, as it’s classified as loan proceeds rather than income. This can provide a tax advantage compared to other retirement income sources.
No Monthly Payments
Unlike traditional mortgages, you don’t have to make monthly payments on a reverse mortgage. This can free up room in your monthly budget for other expenses.
Homeownership Benefits
Aging in Place
A reverse mortgage allows you to stay in your home and age in place, rather than having to move or downsize. This can be both financially and emotionally beneficial, as you maintain your local connections and support system.
Existing Mortgage Payoff
You can use the proceeds from a reverse mortgage to pay off an existing home loan, which can further reduce your monthly expenses.
Financial Flexibility
Multiple Disbursement Options
Reverse mortgages offer flexibility in how you receive the funds. You can choose to get the money as monthly payments, a lump sum, a line of credit, or a combination of these options.
Unrestricted Use of Funds
You have the freedom to use the reverse mortgage funds however you’d like, whether it’s for daily living expenses, home improvements, medical bills, or helping family members.
Protection Features
Non-Recourse Loan
Reverse mortgages are non-recourse loans, meaning if the loan balance exceeds your home’s value, you or your heirs won’t be responsible for paying the difference.
Spousal Protection
Even if your spouse wasn’t a co-borrower, they may be able to stay in the home after you die or move into long-term care, provided certain conditions are met.
While reverse mortgages offer these benefits, it’s important to also consider the potential drawbacks and carefully evaluate whether this financial product aligns with your long-term goals and circumstances.
How to qualify for a
Reverse mortgage
Qualifying for a reverse mortgage with Custom Mortgage is straightforward and designed to meet the needs of homeowners aged 55 and older. Here are the key requirements:
- Age: Must be 55 years or older.
- Home Ownership: Must own the home, which serves as the primary residence.
- Home Equity: Must have significant equity in the home.
- Financial Assessment: Must undergo a financial assessment to ensure the ability to maintain property taxes, insurance, and home maintenance.
By meeting these criteria, you can take advantage of the financial benefits offered by a reverse mortgage.
Why choose CMRE for a
Reverse mortgage
Choosing Custom Mortgage for your reverse mortgage needs ensures you receive expert guidance and personalized service. Here’s why you should choose us:
- Expert Guidance: Extensive experience in reverse mortgages.
- Personalized Service: Tailored solutions to fit your financial needs.
- Transparency: Clear and honest communication throughout the process.
- Competitive Rates: Attractive rates and flexible payout options.
- Financial Security: Helping you unlock home equity efficiently for peace of mind in retirement.
Trust Custom Mortgage to navigate the complexities of reverse mortgages with ease and confidence.
Testimonials
I've been working with Custom Mortgage and Real Estate for over five years now, and they've totally helped me get through a bunch of tricky transactions. Their team is super helpful all the way through, making sure everything goes off without a hitch. I seriously recommend Custom Mortgage to anyone who needs financing or a solid real estate broker. They're great at what they do and very dedicated, so they're an awesome pick for any real estate transaction you might need. Save yourself the headache and go with CMRE.
Rene M
I just worked with Custom Mortgage and Real Estate, and seriously, I can't recommend them enough. They have helped my family and me with a bunch of transactions, always receiving results that nobody else could. Their team is super responsive and really experienced, which made everything go through smoothly with no stress at all. Furthermore, they gave us the best terms out there, making sure we got the most bang for our buck. If you're looking for a reliable mortgage partner, Custom Mortgage is the way to go!
Arthur G
As an investor in real estate and an agent, I totally count on Custom Mortgage and Real Estate for my deals since they've got loads of experience. They have these unique programs that I just can't find anywhere else, and it really gives me an advantage. After researching a number of companies, the offers from Custom Mortgage were the best out there. Knowledgeable and responsive team; in a word, they made everything smooth and efficient. I would definitely recommend them to anyone everyone.
Fereshteh B
My real estate agent referred me to Custom Mortgage and had nothing but great things to say about them; now I completely understand why. They set me up with a mortgage at an astounding rate of 1.875%, which really blew my mind. The whole process was super smooth, with them always there to help me out with my questions. Their professionalism and commitment made it all so easy. You should totally check out Custom Mortgage if you need help with real estate stuff; they seriously give amazing service!
Max V
OMG, as a real estate agent, I have partnered with a lot of lenders, and I can literally say that Custom Mortgage stands above the rest! They have always come through with the best options for my family, my clients, and me whenever we need mortgage loans.
Seriously, I recommend Custom Mortgage to all my clients. clients, friends, and family for their mortgage needs! always available to answer our questions, and genuinely cared about finding the best possible solution for our needs.
Cecilia Q
Our Partners
FAQ's for
Reverse mortgage
1. What is a reverse mortgage? A reverse mortgage allows homeowners aged 55 and older to convert part of their home equity into cash without selling the property or making monthly mortgage payments.
2. Who qualifies for a reverse mortgage? Homeowners aged 55 and older with significant home equity qualify for a reverse mortgage.
3. What is the HomeSafe program? HomeSafe offers several options, including:
- HomeSafe Standard: Access up to $4 million in home equity, available for those 55+.
- HomeSafe Second: Maintain your existing mortgage without new monthly payments.
- HomeSafe Flex: Flexible payment options.
4. What is a HECM? A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage with flexible payout options, including lump sum, monthly payments, or a line of credit.
5. Are reverse mortgages safe? Yes, reverse mortgages like HECM are federally insured, providing protection to homeowners and their heirs.
6. How can the funds be used? Funds from a reverse mortgage can be used for any purpose, such as covering living expenses, healthcare, home improvements, or other financial needs.
7. Will I still own my home? Yes, you retain ownership of your home with a reverse mortgage.
8. What happens to the loan if I move or pass away? The loan becomes due when the homeowner moves, sells the home, or passes away. The home is typically sold to repay the loan, and any remaining equity belongs to the homeowner or their heirs.
9. Are there any risks? As with any financial product, it’s essential to understand the terms and conditions. Our team at Custom Mortgage will guide you through the process to ensure you make an informed decision.
10. How do I get started? Contact Custom Mortgage to speak with our experienced professionals who will help you explore your reverse mortgage options and find the best solution for your needs.
Reverse Mortgage Loan Programs Lending Territories
STATES | CITIES | COUNTIES |
| AL | Birmingham | Jefferson |
| AL | Huntsville | Madison |
| AL | Mobile | Mobile |
| AL | Montgomery | Montgomery |
| AL | Tuscaloosa | Tuscaloosa |
| AK | Anchorage | Anchorage Borough |
| AK | Fairbanks | Fairbanks North Star |
| AZ | Chandler | Maricopa |
| AZ | Gilbert | Maricopa |
| AZ | Glendale | Maricopa |
| AZ | Mesa | Maricopa |
| AZ | Peoria | Maricopa |
| AZ | Phoenix | Maricopa |
| AZ | Scottsdale | Maricopa |
| AZ | Surprise | Maricopa |
| AZ | Tempe | Maricopa |
| AZ | Tucson | Pima |
| AZ | Yuma | Yuma |
| AR | Fort Smith | Sebastian |
| AR | Little Rock | Pulaski |
| CA | Agoura Hills | Los Angeles |
| CA | Anaheim | Orange County |
| CA | Antioch | Contra Costa |
| CA | Bakersfield | Kern |
| CA | Berkeley | Alameda County |
| CA | Beverly Hills | Los Angeles |
| CA | Burbank | Los Angeles |
| CA | Calabasas | Los Angeles |
| CA | Carlsbad | San Diego |
| CA | Carson | Los Angeles |
| CA | Chico | Butte |
| CA | Chula Vista | San Diego |
| CA | Clovis | Fresno |
| CA | Concord | Contra Costa |
| CA | Corona | Riverside |
| CA | Coronado | San Diego |
| CA | Costa Mesa | Orange County |
| CA | Cupertino | Santa Clara |
| CA | Daly City | San Mateo |
| CA | Dana Point | Orange |
| CA | Downey | Los Angeles |
| CA | El Cajon | San Diego |
| CA | El Monte | Los Angeles |
| CA | Elk Grove | Sacramento |
| CA | Escondido | San Diego |
| CA | Fairfield | Solano |
| CA | Fontana | San Bernardino |
| CA | Fremont | Alameda |
| CA | Fresno | Fresno |
| CA | Foster | San Mateo |
| CA | Fullerton | Orange |
| CA | Garden Grove | Orange |
| CA | Glendale | Los Angeles |
| CA | Hayward | Alameda |
| CA | Hillsborough | San Mateo |
| CA | Huntington Beach | Orange |
| CA | Inglewood | Los Angeles |
| CA | Irvine | Orange |
| CA | Laguna | Orange |
| CA | La Habra Heights | Los Angeles |
| CA | Lancaster | Los Angeles |
| CA | Long Beach | Los Angeles |
| CA | Los Altos Hills | Santa Clara |
| CA | Los Angeles | Los Angeles |
| CA | Malibu | Los Angeles |
| CA | Marina Del Rey | Los Angeles |
| CA | Millbrae | San Mateo |
| CA | Mission Viejo | Orange |
| CA | Modesto | Stranislaus |
| CA | Moreno Valley | Riverside |
| CA | Murrieta | Riverside |
| CA | Newport | Orange |
| CA | Norwalk | Los Angeles |
| CA | Oakland | Alameda |
| CA | Oceanside | San Diego |
| CA | Orinda | Contra Costa |
| CA | Ontario | San Bernardino |
| CA | Orange | Orange |
| CA | Oxnard | Ventura |
| CA | Palmdale | Los Angeles |
| CA | Pasadena | Los Angeles |
| CA | Pomona | Los Angeles |
| CA | Rancho Cucamonga | San Bernardino |
| CA | Palos Verdes Estates | Los Angeles |
| CA | Rancho Palos Verdes | Los Angeles |
| CA | Rialto | San Bernardino |
| CA | Richmond | Contra Costa |
| CA | Riverside | Riverside |
| CA | Rolling Hills Estates | Los Angeles |
| CA | Roseville | Placer |
| CA | Sacramento | Sacramento |
| CA | Salinas | Monterey |
| CA | San Bernardino | San Bernardino |
| CA | San Diego | San Diego |
| CA | San Francisco | San Francisco |
| CA | San Jose | Santa Clara |
| CA | San Mateo | San Mateo |
| CA | Santa Ana | Orange |
| CA | Santa Barbara | Santa Barbara |
| CA | Santa Clara | Santa Clara |
| CA | Santa Clarita | Los Angeles |
| CA | Santa Cruz | Santa Cruz |
| CA | Santa Maria | Santa Barbara |
| CA | San Marino | Los Angeles |
| CA | Santa Monica | Los Angeles |
| CA | Santa Rosa | Sonoma |
| CA | Sausalito | Marin |
| CA | Sherman Oaks | Los Angeles |
| CA | Simi Valley | Ventura |
| CA | Solana Beach | Solano |
| CA | South Gate | Los Angeles |
| CA | Stockton | San Joaquin |
| CA | Sunnyvale | Santa Clara |
| CA | Temecula | Riverside |
| CA | Thousand Oaks | Ventura |
| CA | Torrance | Los Angeles |
| CA | Vacaville | Solano |
| CA | Vallejo | Solano |
| CA | Ventura | Ventura |
| CA | Victorville | San Bernardino |
| CA | Visalia | Tulare County |
| CA | Vista | San Diego |
| CA | West Covina | Los Angeles |
| CA | Westlake Village | Los Angeles |
| CA | Westminster | Orange |
| CA | Woodside | San Mateo |
| CO | Arvada | Jefferson |
| CO | Aurora | Douglas |
| CO | Boulder | Boulder |
| CO | Centennial | Arapahoe |
| CO | Colorado Springs | El Paso |
| CO | Denver | Arapahoe |
| CO | Fort Collins | Larimer |
| CO | Greeley | Weld |
| CO | Lakewood | Jefferson |
| CO | Longmont | Boulder |
| CO | Pueblo | Pueblo |
| CO | Thornton | Adams |
| CO | Westminster | Adams |
| CT | Bridgeport | Fairfield |
| CT | Hartford | Hartford |
| CT | New Haven | New Haven |
| CT | Stamford | Fairfield |
| CT | Waterbury | New Haven |
| DE | Dewey Beach | Sussex |
| DE | Dover | Kent |
| DE | Newark | New Castle |
| DE | Middleton | New Castle |
| DE | North Star | New Castle |
| DE | Rehoboth Beach | Sussex |
| DE | Wilmington | New Castle |
| FL | Boca Raton | Palm Beach |
| FL | Cape Coral | Lee |
| FL | Clearwater | Pinellas |
| FL | Coral Springs | Broward |
| FL | Davie | Broward |
| FL | Fort Lauderdale | Broward |
| FL | Gainesville | Alachua |
| FL | Hialeah | Miami-Dade |
| FL | Hollywood | Broward |
| FL | Jacksonville | Duval |
| FL | Lakeland | Polk |
| FL | Miami Beach | Miami-Dade |
| FL | Miami Gardens | Miami-Dade |
| FL | Miami | Miami-Dade |
| FL | Miramar | Broward |
| FL | Ocala | Marion |
| FL | Orlando | Orange |
| FL | Palm Bay | Brevard |
| FL | Palm Beach | Palm Beach |
| FL | Pembroke Pines | Broward |
| FL | Pincrest | Miami-Dade |
| FL | Plantation | Broward |
| FL | Pompano Beach | Broward |
| FL | Port Saint Lucie | Saint Lucie |
| FL | Saint Petersburg | Pinellas |
| FL | Sunrise | Broward |
| FL | Tallahassee | Leon |
| FL | Tampa | Hillsborough |
| FL | West Palm Beach | Palm Beach |
| GA | Athens-Clarke | Clarke |
| GA | Atlanta | Fulton |
| GA | Augusta | Augusta-Richmond |
| GA | Columbus | Muscogee |
| GA | Roswell | Fulton |
| GA | Sandy Springs | Fulton |
| GA | Savannah | Chatham |
| HI | Honolulu | Honolulu |
| ID | Boise | Ada |
| IL | Aurora | Kane |
| IL | Chicago | Cook |
| IL | Elgin | Kane |
| IL | Joliet | Kendall |
| IL | Naperville | DuPage |
| IL | Peoria | Peoria |
| IL | Rockford | Winnebago |
| IL | Springfield | Sangamon |
| IL | Waukegan | Lake |
| IN | Fort Wayne | Allen |
| IN | Indianapolis | Marion |
| IA | Cedar Rapids | Linn |
| IA | Davenport | Polk |
| IA | Des Moines | Polk |
| KS | Overland Park | Johnson |
| KS | Wichita | Sedgwick |
| KY | Lexington | Fayette |
| KY | Louisville | Jefferson |
| LA | Baton Rouge | Marshall |
| LA | New Orleans | Orleans Parish |
| LA | Shreveport | Caddo Parish |
| ME | Portland | Cumberland |
| MD | Baltimore | Baltimore |
| MA | Boston | Suffolk |
| MA | Brockton | Plymouth |
| MA | Cambridge | Middlesex |
| MA | Fall River | Bristol |
| MA | Lowell | Middlesex |
| MA | Lynn | Essex |
| MA | New Bedford | Bristol |
| MA | Quincy | Norfolk |
| MA | Springfield | Hampton |
| MA | Worcester | Worcester |
| MI | Ann Arbor | Washtenaw |
| MI | Dearborn | Wayne |
| MI | Detroit | Wayne |
| MI | Flint | Genesee |
| MI | Grand Rapids | Kent |
| MI | Lansing | Ingham |
| MI | Livonia | Wayne |
| MI | Sterling Heights | Macomb |
| MI | Warren | Macomb |
| MN | Minneapolis | Hennepin |
| MN | Saint Paul | Ramsey |
| MS | Jackson | Hinds |
| MO | Kansas City | Wyandotte |
| MO | Springfield | Greene |
| MO | Saint Louis | Saint Louis |
| MT | Bozeman | Gallatin |
| NE | Lincoln | Lancaster |
| NE | Omaha | Douglas |
| NV | Henderson | Clark |
| NV | Las Vegas | Clark |
| NV | North Las Vegas | Clark |
| NV | Reno | Washoe |
| NH | Manchester | Hillsborough |
| NJ | Elizabeth | Union |
| NJ | Jersey City | Hudson |
| NJ | Newark | Essex |
| NJ | Paterson | Passaic |
| NM | Albuquerque | Bernalillo |
| NY | Albany | Albany |
| NY | Buffalo | Erie |
| NY | New York | New York |
| NY | Rochester | Monroe |
| NY | Yonkers | Westchester |
| NC | Cary | Chatham |
| NC | Charlotte | Mecklenburg |
| NC | Durham | Durham |
| NC | Fayetteville | Cumberland |
| NC | Greensboro | Guilford |
| NC | High Point | Guilford |
| NC | Raleigh | Wake |
| NC | Wilmington | New Hanover |
| NC | Winston-Salem | Forsyth |
| ND | Williston | Williams |
| OH | Akron | Summit |
| OH | Cincinnati | Hamilton |
| OH | Cleveland | Cuyahoga |
| OH | Columbus | Franklin |
| OH | Dayton | Montgomery |
| OH | Toledo | Lucas |
| OK | Broken Arrow | Tulsa |
| OK | Norman | Cleveland |
| OK | Oklahoma City | Oklamhoma |
| OK | Tulsa | Tulsa |
| OR | Beaverton | Washington |
| OR | Eugene | Lane |
| OR | Gresham | Multnomah |
| OR | Hillsboro | Washington |
| OR | Portland | Multnomah |
| OR | Salem | Marion |
| PA | Allentown | Lehigh |
| PA | Erie | Erie |
| PA | Philadelphia | Centre |
| PA | Pittsburgh | Allenheny |
| RI | Providence | Providence |
| SC | Charleston | Charleston |
| SC | North Charleston | Berkleley |
| SD | Sioux Falls | Minnehaha |
| TN | Knoxville | Knox |
| TN | Memphis | Shelby |
| TN | Murfreesboro | Rutherford |
| TN | Nashville | Davidson |
| TX | Allen | Collin |
| TX | Amarillo | Potter |
| TX | Arlington | Tarrant |
| TX | Austin | Travis |
| TX | Carrollton | Dallas |
| TX | Corpus Christi | Nueces |
| TX | Dallas | Dallas |
| TX | Denton | Denton |
| TX | El Paso | El Paso |
| TX | Fort Worth | Tarrant |
| TX | Frisco | Collin |
| TX | Garland | Dallas |
| TX | Grand Prairie | Dallas |
| TX | Houston | Harris |
| TX | Irving | Dallas |
| TX | Laredo | Webb |
| TX | McKinney | Collin |
| TX | Mesquite | Dallas |
| TX | Plano | Collin |
| TX | Richardson | Dallas |
| TX | San Antonio | Bexar |
| UT | Salt Lake City | Salt Lake |
| VT | Burlington | Alamance |
| VA | Alexandria | Fairfax |
| VA | Chesapeake | Chesapeake |
| VA | Hampton | Elizabeth City |
| VA | Newport News | Warwick |
| VA | Norfolk | Norfolk |
| VA | Portsmouth | Portsmouth |
| VA | Richmond | Chesterfield |
| VA | Roanoke | Roanoke |
| VA | Virginia Beach | Virgina Beach |
| WA | Bellevue | King |
| WA | Everett | Snohomish |
| WA | Federal Way | King |
| WA | Kent | King |
| WA | Renton | King |
| WA | Seattle | King |
| WA | Spokane Valley | Spokane |
| WA | Spokane | Spokane |
| WA | Tacoma | Pierce |
| WA | Vancouver | Clark |
| WA | Washington, D.C. | Washington |
| WA | Yakima | Ferguson |
| WV | Charleston | Kanawha |
| WI | Green Bay | Brown |
| WI | Kenosha | Kenosha |
| WI | Madison | Dane |
| WI | Milwaukee | Milwaukee |
| WY | Gillette | Campbell |
