Loan Types and Other Features

Vancouver, WA Headquarters 360.944-9004 Toll Free 877.944.9004 Fax 360.944.9007 Branch Offices Anacortes 360.588.9728 Spokane 509.475.0154

What are the different types of loans I can choose from?

There are several different types of reverse mortgages available. Depending on your individual circumstances, we will custom fit a program that best suits your specific needs. Some Reverse Morgages work better with higher valued homes, some with lower valud homes, and some depend upon the age and number of people that are on the title to the home.

Regardless of your circumstance, our professional staff is trained to guide you to the program that best accomplishes your goals.

How does the line of credit work?

You are provided access to a line of credit to be withdrawn at will. Having this line of credit pre-established enables you to receive money asneeded. Interest is only charged on the money actually used.

Why wouldn’t I just take out a standard mortgage?

There are several reasons why a Reverse Mortgage would be preferable over a conventional mortgage:

• The interest rate is usually much lower than that of a standard mortgage
• There are no monthly mortgage payments to make
• The loan isn’t paid back until you no longer live in the home. If that is because of a passing, your estate pays off the loan and retains the remainder of the equity in the home
• There are no credit qualifications

What does it mean when a loan is a government backed loan? How is the government involved?

Most Reverse Mortgages are FHA insured. In order to obtain a Reverse Mortgage, FHA also requires you to meet with an independent, government, sponsored counselor prior to making your decision.