Loans & Programs
What is a Reverse Mortgage Loan?
A Reverse Mortgage Loan provides you solutions so you can live more financially secure lives.
This type of home loan can be a key component for retirement planning and providing funds now and for the future for consumers ages 62 and older who own their homes outright or have a considerable amount of equity to draw from.
With a Reverse Mortgage Loan, you remain the owner of your home, so you must continue to pay your property taxes, homeowner insurance, and home maintenance costs throughout the life of the loan, even if you don’t have a mortgage payment.
We want to help you to determine if a reverse mortgage is right for you. Here is an excellent place to start.
Why Would You Want To Consider A Reverse Mortgage Loan?
Whether you need financial assistance or want access to more funds to reach your financial goals, there are a couple of reasons why you may want to consider a reverse mortgage loan:
- Eliminate or lower their monthly mortgage payments
- Consolidate their debts
- Pay for in-home care
- Make home improvements
- Create an emergency fund or increase your savings
Is a Reverse Mortgage a Good Idea?
Before you decide on a reverse mortgage loan, you should speak with one of our experts who knows the ins and outs of our loan programs. Our trusted Loan Officers at Fairway of The Carolinas will provide you with the information you need to make the right decision.
*Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.
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