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.
GET STARTED
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
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
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.
HEAR FROM OUR CLIENTS
TESTIMONIAL
THE MORTGAGE PROCESS
What Our Customers Are Saying
What Our Customers Are Saying
