REVERSE MORTGAGE REFINANCE
Home Equity Conversion Mortgage
Line of Credit can be used for..
- Remodeling or safety enhancements
- Aging-in-Place upgrades
- General Renovations
- Stair Lifts
- Elevators or wheelchair lifts
- Home Improvements
- Kitchens
- Baths
- And More! Pay off any existing mortgages too!
Eligibility & Requirements...
- Be at least 62 years of age or older
- Live in your home as your primary residency and have sufficient equity in it.
- Be able to pay off all liens/mortgages using the new reverse mortgage.
- Attend a HUD Approved Counseling session.
- Maintain your home according to FHA Requirements.
- Continue to pay property taxes, homeowners insurance, and HOA now and going forward.
Benefits...
- SECURITY- Government insured loan
- HOME OWNERSHIP- You maintain the exclusive title to your home, just as you do now.
- AVAILABILITY- Generally, reduced income and credit score requirements.
- PREDICTABILITY- Repayment obligation is limited to the value of your home. You or your heirs will NEVER owe more than the home itself.
- EQUITY GROWTH- You or your heirs receive any remaining equity once the loan is repaid.
The Process...
- Initial consultation to determine if it makes sense
- Complete the Mortgage Application
- Speak with a HUD Approved Counselor to make sure you understand the mortgage
- Home Appraisal
- Loan Processing and Underwriting Loan
- Closing to receive money or open line of credit
For Free Reverse Mortgage Guide...
How It Works...
- For a Refinance the amount you receive is determined by:
- Current interest rate
- Age of the youngest borrower
- Appraised value of your home
- A lower existing mortgage balance means you can expect to receive more money from a reverse mortgage.
Getting Your Funds...
- You can receive your funds in the following ways:
- Lump sum
- Fixed monthly payments
- Line of creditto draw upon as needed
- Combinationof these options
- No out-of-pocket costs: Closing costs are deducted from the loan proceeds.
- After paying off existing mortgages and liens, you are free to use the proceeds however you want.
- Unused funds in a line of creditwill continue to grow over time.
When Does Loan Come Due...
- At the sale of the home, last borrower passes away, or last borrower permanently leaves the Home (12 consecutive months of non-residence)
- There are protections for under age 62 spouses (Considered a non-borrowing Spouse)
- In the event of foreclosure, which only happens if insurance and property taxes are not paid just like a regular mortgage.
Interested to see how much you could qualify for? Just fill out the Reverse Questionnaire for
a NO obligation estimate.
© PMF, Inc. | NMLS# 1980
Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender
All loan approvals are conditional, not guaranteed, and subject to lender review of all information. A loan is conditionally approved when the lender has issued an approval in writing, but until all conditions are met, a loan cannot be funded. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. Pioneer Mortgage Funding, Inc is an Equal Opportunity Mortgage Broker headquartered in Tampa, Florida. This licensee is performing acts for which a mortgage broker license is required. PMF, Inc is licensed by the Florida Office of Financial Regulation, NMLS# 1980. Pioneer Mortgage Funding, Inc. is approved to originate Conventional, FHA, VA, and USDA loans, and has the ability to broker such loans to Conventional, FHA, VA, and USDA approved lenders. Pioneer Mortgage Funding, Inc. is not acting on behalf of or at the direction of HUD/FHA or the VA.
Corporate Address:
142 W. Platt St
(855) 525-9070
