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Reverse Mortgages

Your home is your greatest asset. Why not use the equity from your home to increase your cash flow? Making the move towards a reverse mortgage can open up many options for your monthly budget and long-term financial plans.

Choosing a Reverse Mortgage with PMG

A reverse mortgage enables homeowners 62 & older to convert home equity into tax-free cash without selling their home. A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.

However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you can use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

REVERSE MORTGAGE BENEFITS

Why Do A Reverse Mortgage

  • You do not give up the title to your home.
  • You make no monthly mortgage payments if you occupy your home as your primary residence, maintain your property, and remain current on the property taxes, homeowner’s insurance, and HOA dues.
  • No prepayment penalties.
  • Although the loan is not due and payable until you permanently move out of the home, it can be paid off at any point without prepayment penalties.
  • Your home does not need to be free and clear. Elimination of the current mortgage is one of the most common reasons seniors apply for a reverse mortgage.
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Take Control of Your Financial Plan

Talk to a member of the PMG loan expert team today to get started on your reverse mortgage plan. Our licensed loan officers are ready to guide you through your reverse loan process.

Find Your Loan Expert