Welcome to All Reverse Mortgage Company ®As the nation's leading reverse mortgage broker our goal remains simple; to offer the very best reverse mortgage terms accompanied by extraordinary customer service.
We maintain an A+ exemplary rating by the Better Business Bureau and are proud members of the National Reverse Mortgage Lenders Association strictly adhering to its Code of Conduct.
|
 |
About Reverse Mortgages
|
What is it?
A reverse mortgage allows you to access a portion of the equity in your home to obtain *tax-free cash without having to make monthly loan payments. The reverse mortgage is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). The reverse mortgage was signed into law as a national program in 1988 and since its inception has helped thousands of homeowners safely access the equity in their homes, helping them better enjoy their retirement years. To be eligible for a Reverse Mortgage loan, some key requirements are:
You must also meet the following conditions:
Recommended Reading...
Information from other trusted parties... Required counseling
Mandatory reverse mortgage counseling is one of the first steps which may take place by either phone or in person for a reverse mortgage. The role of the counseling agency is to review your unique financial situations during this private session and explore any alternatives that may be available such as selling your home and downsizing, available city or state grants, or other alternatives that may be available to you. Although not a requirement of the reverse mortgage loan, counselors are now required to ask potential borrowers about income, assets, debts and monthly living expenses in order to perform a budget analysis. Once you have completed this session you will be provided a counseling certificate which you will need to sign and deliver to your lender of choice. As a lender we must also give you a list of no less than 10 agencies, 5 of which are mandated by the FHA and include the National Council on Aging. Only after a lender receives an application and signed counseling certificate can we begin the processing of your reverse mortgage loan. |
How much is available?
The amount of proceeds available to borrowers is based on a number of factors including the youngest borrower's age, current interest rates and your home’s estimated value. Our reverse mortgage calculator will outline your personal reverse mortgage options, including the HECM Standard & Saver programs (the Standard Program offers borrowers the most money while the Saver Program offers the lowest closing costs). In addition to providing you with current interest rates and accurate closing costs, you can print amortization schedules and loan comparisons for review. Continue to the reverse mortgage calculator » Current Interest Rates
View rate sheet for APR info » Fixed Rate Cash Lump Sum: For those who plan to take the full draw of their reverse mortgage funds in the beginning anyway, such as those paying off an existing mortgage or those planning to use the money immediately for other purposes, the fixed rate reverse mortgage will often give you thousands of dollars more than the adjustable reverse mortgage options. Recent improvements to the fixed rate option have greatly reduced the costs involved. Adjustable Rate Credit Line: Unlike Home Equity Lines of Credit offered by your local bank, the line of credit cannot be closed or frozen. The line also increases in availability each month based on the unused portion. Tenure Payment Plan: Sometimes referred to as an "annuity mortgage", the proceeds made available to you may be structured into monthly installments guaranteed for life. History & Safeguards
During the 1970s, several private banks offered Reverse Mortgage style loans. These helped seniors remain in their home by using their homes’ equity to pay off the mortgage. However, these early Reverse Mortgages didn’t provide the protections today’s loans do. In 1987, the U.S. Department of Housing & Urban Development (HUD) established a trial program issuing government-insured Reverse Mortgages and the Home Equity Conversion Mortgage, or HECM, was born. Since then, HECM Reverse Mortgages have rapidly grown in popularity. These secure, government-insured loans have enabled thousands of seniors to obtain cash to supplement their retirement income. Non-Recourse Part of the HUD insurance guarantees that you and your children will never have to pay more than the property is worth in a bona-fide sale. If you or your heirs attempt to sell the home and an arms-length sale nets less than the amount owed, you or your heirs will not be responsible to pay that portion which the sale did not cover. Continue learning about non recourse loans »
|
Is it right for you?
The reverse mortgage loan is definitely not for all. It may surprise you to hear a reverse mortgage lender saying this but it is true. Borrowers looking for a short term loan may be better suited for a different type of financing as the loan requires insurance, origination and third-party fees that all must be financed making the loan impractical for a short term solution. However, for those who wish to remain in their homes and need extra income or cash to do so, the Home Equity Conversion Mortgage may be exactly what you are looking for. Educate yourself or family on the safeguards and laws with our free .pdf guides. We explain what it is, how it works and provide answers to many Frequently Asked Questions and Common Misconceptions. You may also find current information in our blog with articles, personal advise, and industry updates. Our writer and CEO Michael G. Branson has over 32years banking experience and has been instrumental in educating some of the largest banks on the nuances of the program and its benefits to mature homeowners. Purchase Reverse Mortgage
Would you like to buy a new home but really did not think you could qualify for the new mortgage based on today's underwriting guidelines? Did you think you would have to either put your plans on hold or use all your available assets to make your move? If you are 62 and over, you should consider purchasing with the HECM for purchase program. The HECM for purchase is a federally-insured reverse mortgage which allows Americans age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs and move to communities with activities more in line with their lifestyles without having to purchase a home for all cash and with no monthly mortgage payment. The HECM is a home loan that allows you to live in your home with no monthly payments and does not require you to pay the entire amount of the home in cash; giving you more liquidity for your individual use (you are responsible for taxes, insurance, upkeep and any homeowner’s dues). Let us show you how to purchase your next home with the purchase reverse mortgage. Your Guide the Purchase HECM Starts Here: Working with a Realtor? If you are ready to make an offer on a property and need help explaining to Realtors and sellers how the reverse purchase program works and how it will actually benefit all parties, please let us assist you. We have successfully closed dozens of Purchase HECM loans and are here to assist you with the necessary steps for approval. Other Related Blog's:
|
Is there something you would like to know about reverse mortgages or the loan process? Ask the experts! Just fill in the form below and we will be sure to send you an answer. Your question may even be posted right here on our home page. Or, if you would rather speak with one of our reverse mortgage experts, please feel free to call us Toll Free at (800) 565-1722. There is no such thing as a dumb question and we will do our best to see that no question goes unanswered!
