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  • Whether you're buying your first home or your dream home, we have a mortgage solution for you. Get your custom rate quote today and get pre-qualified now!
  • Address:7237 Cincinnati-Dayton Rd Ste101, West Chester, OH 45069
  • Phone:513-835-1787
  • Website:imperialhl.com
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Reverse Mortgage

A reverse mortgage or HECM (Home Equity Conversion Mortgage) is a financial tool that allows homeowners ages 62 and older to convert part of their home equity into cash payments and/or a line of credit. Since there are no restrictions on how the proceeds can be used, many reverse mortgage borrowers use HECM to:

  • Purchase a new home
  • Pay medical bills
  • Move closer to family members
  • Travel
  • Supplement retirement income

There are many advantages to HECM products for seniors today. These options allow homeowners to remain homeowners without having to make monthly mortgage payments. Homeowners can choose between a lump sum payment, a line of credit, or a guaranteed monthly payment. Medicare payments are not affected.

Contact us to discuss your options and decide what program works best for you.

* Homeowner must continue to pay property taxes, required insurance and any applicable HOA fees.

Reverse Eligibility:

  • 62 years or older
  • Must live in home as primary residence; vacation homes and investment properties do not qualify
  • Complete a HUD-approved counseling session
  • Must be able to pay homeowners taxes, insurance, and any applicable HOA fees

What about repaying a Reverse Mortgage Loan?

The very nature of a reverse mortgage loan can be confusing. With a reverse mortgage loan, lenders pay you either in monthly installments, with one lump sum, a line of credit or as a combination of a line of credit and monthly installments. The following lists provide information regarding repayment of a reverse mortgage loan.

A reverse mortgage loan comes due when under the following conditions:

  • Death of the homeowner or last surviving eligible non-borrowing spouse
  • Upon sale of the home by the homeowner
  • If the homeowner lives elsewhere for 12 consecutive months (i.e. assisted living home)
  • Upon an instance of default.

When the reverse mortgage loan becomes due there are two options for paying it off.

  1. Proceeds from the sale of the home
  2. The homeowner or heirs of the homeowner can refinance the loan

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.