What is a reverse mortgage {{br}} and how does it work?

What is a reverse mortgage
and how does it work?

Discover what a reverse mortgage is and how it works to help seniors leverage home equity. Learn the benefits, eligibility, and process in detail.

Reverse Mortgage Estimate

Reverse Mortgage in Simple Terms…

What is a Reverse Mortgage?

A reverse mortgage is a unique financial product designed for homeowners aged 62 and older. Unlike traditional mortgages, a reverse mortgage allows you to convert part of your home's equity into cash without having to sell your home or make monthly principal and interest mortgage payments. You must continue to pay property taxes, homeowners insurance, and maintain the home.

How Does a Reverse Mortgage Work?

When you take out a reverse mortgage, the lender makes payments to you based on a percentage of your home's value. These payments can be received as a lump sum, monthly income, a line of credit, or a combination of these options. The loan balance increases over time as interest and loan costs (which may include origination fees, closing costs, and other charges) accumulate, but you don't have to repay the loan until you sell your home, move out permanently, or pass away. The loan may also become due if you do not pay property taxes or homeowners insurance, or if you do not maintain the home. A reverse mortgage is a home loan, not a government benefit program.

Benefits of a Reverse Mortgage

Supplement Retirement Income: Use your home equity to enhance your retirement income and cover living expenses.
Stay in Your Home: Continue living in your home without the burden of monthly mortgage payments.
Flexible Payment Options: Choose from multiple payout options to suit your financial needs.
Tax-Free Funds: Loan proceeds are generally not treated as taxable income (consult a tax advisor)

REVERSE Mortgage LOANS

Why Choose Opulence Funding?

At Opulence, we prioritize your financial well-being. Our team is dedicated to providing personalized service, ensuring you understand every step of the reverse mortgage process. We are committed to helping you make informed decisions that align with your financial goals.

Reverse Mortgage Qualifier

Eligibility Requirements

To qualify for a reverse mortgage, you must:

Be at least 62 years old (or 60 for some proprietary reverse mortgages)
Own your home outright or have significant equity
Use the home as your primary residence
Meet financial assessment requirements to ensure you can cover property taxes, insurance, and maintenance

Reverse Mortgage Process

Initial Consultation: Meet with our experts to discuss your needs and determine if a reverse mortgage is right for you.
Counseling Session: Attend mandatory independent counseling with a HUD-approved counselor before moving forward.
Application and Appraisal: Complete the application and have your home appraised to determine its value.
Loan Approval and Closing: Once approved, choose your payout method and close the loan.
Receive Funds: Start receiving your funds according to the chosen disbursement plan.