About Reverse Mortgages
Reverse mortgages have several uses. Primarily, this product enables homeowners aged 62 and older to pay off their existing mortgage. Also known as the Home Equity Conversion Mortgage (HECM) for FHA versions, reverse mortgages can also be used to purchase a new home. Many homebuyers receive cash from the equity at closing, or they set up a line of credit that can be utilized as needed. Financial planners recommend a reverse mortgage as an additional retirement strategy for their customers.
Benefits
No taxes on reverse mortgage income
No monthly payments
Supplement to diminished income
Requirements
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Must be 62 or older and live in the home
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Must attend a required counseling session with a HUD-approved counselor
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Must own the home and have enough equity in the home, usually at least 50%
Secure Your Loan With Everest Lending
Ready to buy or refinance? Contact Everest Lending to find out if a reverse mortgage is right for you. With over 25 years of home loan experience, our team guides you through your mortgage options and the application process, helping you secure funding for your new home.
Service Areas
Trusted Mortgage Solutions Near You
Everest Lending proudly serves clients across Pennsylvania with a full range of mortgage and lending solutions. Whether you’re purchasing a new home, refinancing, or securing funding for a property investment, our trusted team is here to guide you every step of the way. And since we’re local, we can even attend closings in person to ensure everything goes smoothly.