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Reverse Mortgages

What is a reverse mortgage?

A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.

There are several different reverse mortgage programs. Fannie Mae Home Keeper®, Jumbo Cash-Out loan, and the HUD-insured Home Equity Conversion Mortgage (HECM) are three such programs. As demand increases, more reverse mortgage programs from different organizations will become available.

It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.

What are some of the benefits of a reverse mortgage?

Strengthen your personal and financial independence.
Help pay for health care or other needs.
You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
Keep your Medicare or Social Security benefits.
Use it as a credit line and draw upon it as needed.
Get all your cash right away.
Get the best of both—get cash now and have a balance in reserve to use as a credit line.
No Income Requirements: The homeowner does not need to be working and is not qualified based on income.

Click Here To Receive Your Free Reverse Mortgage Informtaion Kit.

Click Here to view the Reverse Mortgage Video of the Week: "Nextville: Amazing Places To Live The Rest Of Your Life"

Hope Mortgage Team - 920 Germantown Pike, Suite 114 - Plymouth Meeting, PA 19462
Office Phone: 610-382-5600 Fax: 215-793-8240 Toll Free Phone: 800-725-HOPE (4673)

Gateway Funding Diversified Mortgage Services L.P. is licensed by the PA Dept of Banking as first mortgage banker & licensed pursuant to the PA Secondary Mortgage Loan Act; AR Mortgage Company License; Licensed by the Dept of Corporations under the CA Residential Mortgage Lending Act; DC Mortgage Lender & Broker; NV Licensed Lender; GA Residential Mortgage Licensee (#15499); IL Residential Mortgage Licensee; KS Licensed mortgage company – License #2005-4872; MA Mortgage Lender & Broker (#3052); Licensed by the NH Banking Dept (#10192-MB); Licensed by the NJ Dept of Banking & Insurance; Licensed Mortgage Broker - NYS Banking Dept; a Mortgage Lender & Broker in RI; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, ID, ME, MD, MO, NM, NC, OH, OR, SC, TN, TX, UT, VT, VA, WV, & WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. Products and programs are subject to change without notice. For qualified borrowers only. © 2007 Gateway Funding Diversified Mortgage Services, L.P.