Reverse Mortgage

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What is a Reverse Mortgage?

Also known as a Home Equity Conversion Mortgage (HECM)

A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is a type of mortgage that allows you convert the equity in your home into tax-free cash as a lump sum, line of credit, tenure/term payment, or a combination without the obligation of having a monthly mortgage payment. This means instead of making a monthly mortgage payment, the interest is deferred to be repaid at a later date, such as when the last borrower passes away or you decide to sell the home. You would still be required to continue paying the property tax, homeowners insurance, and other property charges. You also must occupy the home as your primary residence and maintain the home to meet HUD/FHA health and safety requirements.

Common Myths and Misconceptions

If I do a reverse mortgage, I no longer own my home.

False. This is probably the most common myth we hear about from prospective clients’ that inquire about a reverse mortgage. Your name will ALWAYS remain on the title of the home. You still retain ownership of your home. You can sell your home or pay off the reverse mortgage at any time with no prepayment penalty. The Lender is NOT the owner of the home. YOU STILL ARE THE OWNER and always will be the owner of your home with a Reverse Mortgage.

If I do a reverse mortgage, I no longer own my home.

False. This is probably the most common myth we hear about from prospective clients who inquire about a reverse mortgage. Your name will ALWAYS remain on the title of the home. You still retain ownership of your home. You can sell your home or pay off the reverse mortgage at any time with no prepayment penalty. The Lender is NOT the owner of the home. YOU STILL ARE THE OWNER and always will be the owner of your home with a Reverse Mortgage.

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equal housing opportunity

Important Information (please read and understand): Reverse Mortgages are neither “endorsed” nor “approved” by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

iReverse Home Loans, Corporation originates reverse mortgages in California, Colorado, Florida, Georgia, Maryland, Massachusetts, South Carolina, Tennessee, Texas, Virginia, and Washington. For detailed licensing and important TEXAS STATE-SPECIFIC INFORMATION, please navigate to our licensing page or verify license information at NMLS Consumer Access.

The services referred to herein are not available to persons located outside the states of California, Colorado, Florida, Georgia, Maryland, Massachusetts, South Carolina, Tennessee, Texas, Virginia, and Washington.

iReverse Home Loans, Corporation is an Equal Housing Opportunity Mortgage Company.

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iHome Mortgage
85 River Oaks Cir
Pikesville, MD 21208  

1-800-491-9010

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Licensing Information

Information for Texas Consumers

The services referred to herein are not available for homeowners who own residential properties located outside the states of California, Colorado, Florida, Georgia, Maryland, Massachusetts, South Carolina, Tennessee, Texas, Virginia, and Washington.

iHome Mortgage is an Equal Housing Opportunity Mortgage Company. iHome Mortgage is a registered DBA/Trade Name for iReverse Home Loans, Corporation.