On a monthly basis, you can opt to pay interest only; principal and interest; or make no loan payment—you choose. Just pay for property taxes, insurance and maintenance.
The balance does not need to be repaid until you sell or no longer live in your home.
The unused line of credit grows, so as time goes on you have access to significantly more funds later on.
You can consolidate any existing debt into one line of credit that gives you the most financial flexibility possible.
Specifically designed to allow you to borrow against the equity in your home as a flexible line of credit.
With a FlexReverse* you retain ownership of your property, your name remains on the title and any existing mortgages are replaced with a first position line of credit.
This loan also provides non-recourse protection, meaning you can never owe more than the home is worth when the loan is repaid.
A FlexReverse* line of credit, otherwise known as a reverse mortgage or a Home Equity Conversion Mortgage (HECM), lets you gain access to the equity in your home as funds you can draw on when you want or need them—while letting you manage your monthly payments your way! If you still owe money on an existing mortgage, the funds on your FlexReverse* will be used to pay that off.
Watch our short video to learn more about a FlexReverse.*
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“Down the road if my resources get limited, yeah I would consider a reverse mortgage.”
“I just so happen to have a reverse mortgage. The best thing I ever did in my life. It has given me piece of mind and freedom.”
“I’d love to find out more. The uncertainty of being semi-retired causes a lot of anxiety.”
¹ If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
² Source: New View Advisors
³ Source: National Reverse Mortgage Lenders Association (NRMLA), November 3, 2016.
⁴ Source: GNMA, based on whole loan issuance market share of HECM-backed securities (HMBS).
* A FlexReverse is an FHA-insured Home Equity Conversion Mortgage, commonly known as a reverse mortgage.