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Reverse Mortgage

Convert your home equity into cash without monthly mortgage payments.

A reverse mortgage allows seniors (aged 62+) to use their home’s equity to enhance financial freedom in retirement.

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Reverse Mortgage Features

Designed to meet the financial needs of seniors:

No Monthly Mortgage Payments

Homeowners are not required to make monthly mortgage payments, freeing up cash flow.

Continued Home Ownership

Seniors retain ownership of their home for as long as they meet the loan requirements.

Flexible Disbursement Options

Choose to receive funds as a lump sum, monthly payments, or a line of credit.

Non-Recourse Loan

The loan is repaid through the sale of the home; borrowers are not personally liable for any shortfall if the home’s sale doesn’t cover the loan balance.

Benefits of a Reverse Mortgage

Maintain Lifestyle

A reverse mortgage can provide a steady source of income, helping seniors maintain their lifestyle without external financial support.

Versatile Fund Usage

Use funds from the reverse mortgage for a variety of needs, including healthcare, travel, or home renovations.

Preserve Retirement Savings

Utilize home equity without depleting retirement savings, preserving assets for future needs.

Non-Recourse Protection

Borrowers or their heirs will never owe more than the home’s value at the time of sale, even if the loan balance exceeds that amount.

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Leverage the expertise and experience of A and N Mortgage to navigate the reverse mortgage process. Our knowledgeable team is here to guide you every step of the way and help you make the most of your home’s equity.

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loan FAQ

Loan Program

Frequently Asked Questions

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Some loans will allow you to secure just a 5% down payment plus closing costs. Another option is a piggy-back loan where you get approved for the first and second mortgage to avoid PMI. You could also apply for an FHA loan which only requires a 3.5% down payment.

However, your interest rate will likely be higher, and you will be required to buy private mortgage insurance (PMI).