A HECM reverse mortgage makes your SunRiver home affordable | SunRiver St. George

No Mortgage Payments for Life

CALL (888) 688-6556 for more information!

FHA-Insured HECM Mortgage. Must be 62 or better to qualify.  How is it different?

  1. Qualifying for the reverse mortgage has no credit, employment, income or net worth requirements!
  2. The amount of mortgage funds available is based on the borrower’s age, the purchase price of the home, and the current interest rate – Not on a preset loan-to-value!
  3. Historically, interest rates on reverse mortgages have been more favorable than other mortgage products.
  4. The borrower may qualify for a larger mortgage than is needed based on their available down payment, in which case they may retain part of their sales proceeds for personal use, or they can use the remaining funds as an open line of credit – to be used at their discretion after closing!
  5. Sell your home or pre-pay the loan, in part or in full, any time without penalty!
  6. There is not term on the loan! The reverse-mortgage is an open-ended loan which does not expire until the 150th birthday of the youngest borrower.
  7. This is a non-recourse loan.    Regardless of the future payoff of the loan your or your heirs cannot be held liable for any loan balance beyond the value of the home at the time the loan is being repaid, and you cannot leave your heirs responsible for the mortgage debt!
  8. As long as one borrower occupies the home, and personal property taxes and homeowners insurance are kept current, you cannot be required to leave or sell the home!
  9. Low interest rates, home appreciation, and how interest is assessed often result in substantial equity remaining untouched and available to pass on to your heirs.
  10. Proceeds from a reverse mortgage are not taxable and do not affect your Social Security or Medicare benefits!
  11. Reverse mortgages can be used to pay off mortgage balances on your current home, or used to purchase a home that might better suit your needs.  In all cases you will eliminate all requirements to make monthly mortgage payments.

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