Reverse Mortgages

What Is a Reverse Mortgage?

The reverse mortgage is a home equity loan that is designed to help home owners aged 62 or better tap into the equity in their homes. This loan is only available to homeowners who have built up considerable home equity. Proceeds of the loan may be taken in monthly payments, a lump sum, left on a line of credit, or some combination of these methods. Borrowers are not required to make monthly payments on a reverse mortgage as long as they remain in the home. Taxes, insurance, homeowners association dues, and other assessments must be kept current by the home owner, but nothing is due on the reverse mortgage until the last borrower permanently leaves the home.

There are a number of reverse mortgage programs, but the most popular and the one offered through Tidewater Home Funding, is the FHA-backed Home Equity Conversion Mortgage (HECM). The HECM is a non-recourse loan – borrowers will never owe more than the value of the property. A HECM loan may be used on a home owner’s existing home or on the purchase of a new home.

Reverse Mortgage Benefits

Reverse Mortgage Requirements

Reverse Mortgage Loan Options

*Borrower must pay required taxes, insurance, or HOA if applicable.

Important Features

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