reverse mortgage

Home Equity Conversion Mortgage

This is a unique loan called a Home Equity Conversion Mortgage or “H.E.C.M.” designed for borrowers 62 years of age and older. It allows you to get equity out of your home in the form of monthly income, an equity line of credit or immediate cash, tax-free, to use for a reason or goal you have, without ever having to make a payment on the loan, as long as you live in your home. *If you do live in your home un l your death, your heir will have the choice to pay to off the loan or sell the home and keep the remaining equity.

features

Keep the Title

You keep title to your home so you can continue to control your home.

Keep Your Home

You can keep your home in a living trust so you can direct where your assets go.

Tax Free

All income is tax-free so it doesn’t create a tax burden

Life Your Life

Live the life you want to live (traveling, helping familymembers, maintaining your dignity and independence).

No Payments

Make no payments while living in your home!

No Changes

No changes to your property taxes

All borrowers on title must be at least 62 years of age or older.

This is a loan that must be repaid. Best efforts have been made to ensure accuracy but no guarantee is expressed or implied. All information is subject to change without notice. Not an offer to extend credit or a commitment to lend.

Ready to get started?

What are my responsibilities?

  • You must pay the Property Taxes and Home Owners Insurance for the home and other property charges.
  • You must perform normal maintenance for the property.
  • You must plan to keep your home as your primary residence.

How much can I qualify for?

You must have enough equity in your home. What you qualify for is based on the youngest age of the borrower (or eligible non-borrowing spouse), the value of your home, the area you live in and the current interest rate. There is no minimum credit score for this loan. The loan amount is specific to each individual’s situation. Note the information requested on the following page is for us to calculate the amount of loan that you may qualify for.

THERE IS NO COST AND NO OBLIGATION FOR US TO CHECK THIS INFORMATION FOR YOU.

H.E.C.M. MYTHS

  • THE BANK OWNS YOUR HOME

NO, you retain title to your home!

  • you can be forced to sell your home

NOT if you pay the property taxes, insurance, live in the home and do normal maintenance.*

  • DEBTS FROM THE REVERSE MORTGAGE PASSES TO YOUR HEIRS

NO, FHA fully insures the loan so that no debt can pass to the heirs above and beyond what the property is worth.

  • You pay taxes on the monthly income

NO, all income is currently income tax-free.

  • THERE ARE GUIDELINES ON HOW YOU CAN USE THE MONEY

NO, you may use the funds for any reason you choose.

  • THE BANK SELLS YOUR HOME WHEN YOU ARE GONE

NO, it can have a mortgage balance; however, all liens must be paid off from the loan proceeds and any funds left are eligible to take in a lump sum, monthly income or left in a credit line account to draw as you need it, per the HECM guidelines.

  • the House must be free and clear (paid off)

NO, the heirs have up to one year to either refinance what is owed or sell the home, pay off the loan, or keep whatever equity is left.

GET STARTED

The FHA HECM loan has been in existence for many years. In 2000 we began to look at the product as a possible extension of the services that we could offer our clients and their families. In September 2005, the American Pacific Reverse Mortgage Group was organized with a charter to exceed the performance of the industry and to help our clients achieve their goal of financial independence and dignity.

The team organized their process to create a solid communication system so that our clients could talk to knowledgeable staff and get answers about the product and the status of their loan. We also aim to set the industry standard for performance in the loan process (from the required counseling to the inspections, to the close) to maximize our client’s satisfaction.

Today our goal is to continually improve our offering to you, which is why we utilize multiple investors so that you have a complete choice of products and we can get the highest level of service. We look at the HECM product as an extension of our commitment to social responsibility. We look forward to helping you reach your goals through a HECM with the Diversified Capital Funding Reverse Mortgage team a division of American Pacific Mortgage Corporation.

A call is all it takes


Ralph C. Morgan

Reverse Mortgage Specialist

View Profile
NMLS #1592865/1850
Walnut Creek, CA
(925) 946-2011

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