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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. 

Get Started Today

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Customer Reviews

Overall Rating:

1465 Review(s)
4.81
Natasha K February 19, 2024
Nick Barta and his team were so fast with the entire process! They were available anytime I had a question!
Reply from The Nick Barta Team | Division President | Security First Financial: Congratulations Natasha! So happy that we were able to part of your home buying journey. We wish the absolute best going forward. Let us know if there is anything we can help with down the road.
Jasmine M February 7, 2024
Wow! Where do I start first and foremost this is one of the kindest most empathetic most understanding men that I have ever had the pleasure of working with. He one Hundred percent went out of his way and above and beyond to help me and my family get a home. Odds were against me. He used his knowledge his experience, his time and diligence to help me get through any snag that came up along the way in my homebuying process. I could not imagine having to go through what I went through during our purchase without Nick Barta by my side, there were moments where I was emotional and I was crying and he took the time to listen to me, uplift me and go above, and beyond what any loan officer should do. Nick is someone that truly cares and is invested in your future. I will never go through anybody else again whether it is refinancing or buying a new home after we have purchased this current home whatever the case may be, I will always call Nick Barta. Be it for my friends or my family or my children as they get older, I had the most wonderful experience with him, and I am so very grateful for all of his hard work. If it were not for him, I would not have my home so thank you so much. If you are looking for a company that will work for you not against you that will work to make sure that you feel good throughout the whole process. I recommend you call Nick Barta.
Jasmine T February 7, 2024
Wow! Where do I start first and foremost this is one of the kindest most empathetic most understanding men that I have ever had the pleasure of working with. He one Hundred percent went out of his way and above and beyond to help me and my family get a home. Odds were against me. He used his knowledge his experience, his time and diligence to help me get through any snag that came up along the way in my homebuying process. I could not imagine having to go through what I went through during our purchase without Nick Barta by my side, there were moments where I was emotional and I was crying and he took the time to listen to me, uplift me and go above, and beyond what any loan officer should do. Nick is someone that truly cares and is invested in your future. I will never go through anybody else again whether it is refinancing or buying a new home after we have purchased this current home whatever the case may be, I will always call Nick Barta. Be it for my friends or my family or my children as they get older, I had the most wonderful experience with him, and I am so very grateful for all of his hard work. If it were not for him, I would not have my home so thank you so much. If you are looking for a company that will work for you not against you that will work to make sure that you feel good throughout the whole process. I recommend you call Nick Barta.
Reply from The Nick Barta Team | Division President | Security First Financial: Thank you Jasmine. It was quite a journey. Thank you for hanging in there. I appreciate you kind words. My motivation in my career is helping deserving people get into homes. I hope you and your family are happy in your new home for many years to come.
Gale T February 6, 2024
It was a rough start but you and your team made it all happen for us! And didn’t disappoint, Thank you for all you did to help me and Anthony to achieve our dreams!! 😋
Reply from The Nick Barta Team | Division President | Security First Financial: Thank you Gale. It was a journey. Thank you for hanging in there and enjoy your new home.
Darin Alan G February 5, 2024
Nick was quick, very prompt, and very informative thanks for your help
Reply from The Nick Barta Team | Division President | Security First Financial: Thanks so much for your great review. We appreciate your trust in us.