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If you have been thinking about a reverse mortgage for yourself or a loved one, now may be the time to get started. For many seniors, reverse mortgages make the difference between enjoying a comfortable retirement in their home and being dependent on others or barely getting by.

What's a Reverse Mortgage?

Reverse mortgages allow homeowners aged 62 or older to convert a portion of their home equity into cash without having a monthly mortgage payment obligation.* Borrowed funds are repaid when the home is sold, never to exceed 95% of the appraised value at the time of sale – even if more money is owed.

Why consider a Reverse Mortgage?

Reverse mortgage funds are first used to pay any liens on the home, including a regular mortgage or home equity loan. In some cases, a portion of proceeds is withheld or set aside to pay taxes and insurance.

Remaining funds often:

  • Offset day-to-day living expenses.
  • Cover emergency expenditures, such as car or home repairs.
  • Pay for medical costs.
  • Provide for in-home care, allowing the owner to remain in their own home longer.

Sometimes, homeowners use a reverse mortgage just to pay off their existing loan. They do not access the remaining funds at all, but they remove the strain of a monthly mortgage payment* from their budget and increase their cash flow. Some seniors use reverse mortgages to purchase a new home without ever incurring a monthly payment.*

Before entering an agreement, borrowers are required to attend a session with an independent HUD-certified* counselor who will fully explain the reverse mortgage process, answer questions, and discuss other available options.

Remember that a reverse mortgage is a loan that will be repaid after your death, after you permanently leave your home, or after the sale of your home. Neither you nor your heirs will be responsible for repaying more than the value of your home at sale.

Basic Reverse Mortgage Requirements for Borrowers

  • Borrowers on the home’s title must be at least 62 years old. The older you are, the more funds you can receive from a reverse mortgage
  • You must live in your home as your primary residence for the life of the reverse mortgage
  • You must own your home outright or have at least 50% equity in your home to be eligible for a reverse mortgage loan
  • You must meet with a Department of Housing and Urban Development (HUD)-approved* reverse mortgage counselor prior to applying for a reverse mortgage loan

Basic Reverse Mortgage Property Requirements

  • Single-family homes, or 2-to-4 unit properties with one unit occupied by you
  • Manufactured homes (built after June 1976) that meet HUD requirements
  • Condominiums that are FHA-approved*
  • Townhouses

*The homeowner is responsible for paying taxes and insurance and for properly maintaining the home. The home must be used as the homeowner’s primary residence. This ad is not from HUD or FHA and was not approved by HUD or any government agency. The loan is subject to foreclosure for failure to pay taxes and insurance to maintain the property and insurance and to comply with the terms of the loan. 

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Customer Reviews

Overall Rating:

1585 Review(s)
4.82
Timothy
April 16, 2025
Nick was great and very informative for all of the steps.
Response to Timothy: I'm glad to hear that you found the information provided throughout the process helpful. It was a pleasure assisting you, and I appreciate your feedback.
Andrew
April 7, 2025
It wasn't 100% Nick Bartas fault. We almost lost our Ernest money and there for the house. We got asked for the same items multiple times making it more stressful than enjoyable, and we were still being asked for proof of things less then 24 hours before closing.. We were told to watch h out for fraud and that we would deal with one person but we had multiple people reaching out for the same things. The last things is we had asked for the value of the house to be bought down by 59k that we would bring to table and ontoo the rest of closing cost and after fixing it twice only 42k went to buying down the house the rest of our 50k went to closing costs. We were not very satisfied with your service all in all and neither was our realtor. thank you for getting it done though.
Response to Andrew: Thank you for sharing your feedback, Andrew. We understand that the process was stressful and apologize for any inconvenience caused by repeated document requests and last-minute requirements. We acknowledge your concerns regarding communication and the financial aspects of your transaction. We appreciate your patience and are committed to improving our processes to ensure a smoother experience in the future. If there are any further details you wish to discuss, please feel free to reach out directly.
Betty A
April 2, 2025
She answered all my questions where I was able to understand them they were very nice to us and we got this thing done in less than 2 months I really appreciate everybody on your team and I will be trying to refer other people that's looking to buy a home very very very impressive
Response to Betty A: I'm thrilled to hear that all your questions were answered clearly and that the process was completed efficiently. It was a pleasure assisting you, and I truly appreciate your kind words and referrals. Thank you for choosing Security First Financial for your home buying journey.
Hollie Kristine
March 31, 2025
The best and so responsive, caring.
Response to Hollie Kristine: I'm thrilled to hear that you found my service responsive and caring. It was a pleasure assisting you, and I appreciate your kind words. Thank you for choosing Security First Financial.
Kimberly A
March 31, 2025
Nick and his team are extremely professional and knowledgeable while being personal and making me feel like I was their only client. I knew my loan was in good hands from day one. I was very impressed by how seemless the process went. They also had great communication!!! I am very happy!
Response to Kimberly A: I'm delighted to hear that your experience was seamless and that you felt well-supported throughout the loan process. It was a pleasure assisting you, and I greatly appreciate your kind words about our team's professionalism and communication. Thank you for choosing Security First Financial!