REVERSE
Loans

A reverse mortgage is a loan option for people age 62 and older that allows you to tap into the equity you’ve already built in your home. It provides funds to help pay for the things you want or need, while you continue to live in and own your home. Family First Funding LLC specializes in reverse mortgages and is a member of the National Reverse Mortgage Lenders Association.

 

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REVERSE MORTGAGE

Benefits

Close to 70,000 homeowners per year are deciding to enhance their retirement with a reverse mortgage.  Why?

  • Enables senior homeowners to convert their home equity into tax-free proceeds
  • Continue to live in your home with no mortgage payments
  • Borrowers can receive payments instead of making them
  • Proceeds are not considered income and will generally not affect Social Security or Medicare benefits

 

 

  • Finance most of the loan’s fees so there are minimal out-of-pocket expenses
  • Borrowers retain title and ownership of the home, provided program requirements are met
  • Reverse Mortgage proceeds can be used for:
    • Covering healthcare costs
    • Remodeling or repairing your home
    • Consolidating credit card debt
    • Earning additional income to meet monthly expenses
    • Creating a standby cash reserve fund.

REVERSE SPECIALISTS

Connect

Robert Lowe

Director of Reverse Division/Branch Manager - Loan Officer

Darryn Silver Murdoch

Senior Loan Officer/Reverse Mortgage Specialist

Geroge Stewart

George Stewart

Senior Loan Officer/Reverse Mortgage Specialist

Clay Collins

Branch Manager/Loan Officer

REVERSE MORTGAGE

ELIGIBILITY

Is a reverse mortgage right for you?

  • Borrowers must be 62 years of age or older
  • Your home must be your primary residence
  • You must own your home free and clear, or the existing mortgage is required to be refinanced with the reverse mortgage proceeds
  • Educational counseling with a HUD-approved counselor is required

Program Requirements

  • You or one of the borrowers must continue to live in the house
  • Taxes and insurance on the property must be kept current
  • The property must be maintained to FHA standards
Calculate

CALCULATOR

How much will my payments be?

Your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.

Just as an example, let’s say you are borrowing $250,000.00 for 30 years with an interest rate of 5.875%. If the value of your home is $300,000.00, your property taxes $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $1,958.01. This is because you need to pay $1,478.84 toward the actual loan, plus $250.00 for real estate taxes and $125.00 toward insurance.

Since your loan to value ratio is 83.33%, you will also have to pay PMI for 16 months which will add an extra $104.17 a month. Don’t forget to drop the PMI when the 16 months is complete and you might save yourself some money each month. Canceling your PMI will require a reappraisal of your home in most cases.

Loan Information

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Select the term of the loan in years.

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Enter the expected interest rate of the loan.

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Property Information

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Taxes and Insurance Information

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HEAR FROM OUR CLIENTS

TESTIMONIAL

We Make Purchasing Easy

THE MORTGAGE PROCESS

01
Get Pre-Approved
Submit a mortgage application and all preliminary documents including, but not limited to W-2s, pay stubs, and bank statements.
Establish Your Team
Connect with one of our Loan Officers who can recommend reputable Realtors, Attorneys, Inspectors, and Title Companies in your area.
Find a Home & Make an Offer
Shop with your Realtor and find a home. Purchase contracts will be written, and a small deposit will be required regardless of which loan option you choose.
Complete Your Application
Submit updated documents and finalize your loan application. Once you e-sign your application, your loan will be submitted for disclosures & processing.
Processing
You will receive your Welcome Package and one of our processors will complete all updated information verifications for credit, employment, and assets.
Underwriting
After processing, your loan is submitted to underwriting where your loan is given conditional approval. When approved, a commitment letter is issued and sent to you and your attorney to review.
Get Commitment
Submit all outstanding closing condition items for the commitment letter prior to final clearance.
Clear to Close
You and your attorney are notified that your file is "clear to close", and a closing date is scheduled by your attorney with the bank attorney.
Move In!
Congratulations! You are now a homeowner! Receive your keys and enjoy the tax advantages and personal benefits of owning a home!
Testimonials

What Our Customers Are Saying

Testimonials

What Our Customers Are Saying

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Everyone we came across at the company made our process a lot less stressful. They answered all our questions and made sure we handed everything that needed to be handed in on time. Thanks!

Paul K. / Homebuyer, NJ

We highly recommend Family First as they are an amazing team, efficient, honest and always available! Not only would I recommend Family First to my clients, I do use them for our family's mortgage needs!

Lisa C. / Real Estate Agent, FL

Great service, very professional. Highly recommended!

Christofer V. / Homebuyer, TX

Expertise, open communication at all times, and complete confidence knowing that my Buyer was wonderfully serviced and their loan would close!

Laure M. / Real Estate Agent, NJ

It was a smooth process from start to finish and I appreciate the time each of them took to answer any questions I may have had with respect to the process, the paperwork, etc. They were all incredibly kind, helpful, and responsive no matter how small the question may have been, and as a first time homebuyer I am very grateful for that.

Jessica S. / Homebuyer, NJ
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