We can simplify the process for you
A Reverse Mortgage is a special type of home loan, offered exclusively to seniors age 62 or older. The loan allows the homeowner to borrow a portion of their home’s equity, which has accrued over the years. Unlike other equity loans, the Reverse Mortgage does not require any monthly payments for as long as the borrower occupies the home.
The amount you can borrow depends on several factors, including the age of the youngest borrower, the home value and the interest rate at the time of the closing. Generally, the more senior the borrower, the greater percentage of the home’s value can be borrowed.
What do I need to do to apply for a Reverse Mortgage?
The first step is to call our Reverse Mortgage specialist and find out if you qualify for this program. Clients that qualify will then be provided with a list of HUD-certified loan counselors in their area to meet with. Once counseling is completed and documented, we can begin to process your Reverse Mortgage application. View our complete Step-by-Step Guide here.
Is a Reverse Mortgage right for you?
Call our Reverse Mortgage Specialist today to begin a conversation about whether a Reverse Mortgage, or any of our other loan products, are a right fit for your needs.
Why Choose Directors Mortgage?
Directors Mortgage is a unique mortgage lender you’ve come to trust in your community. Larry Melton, the head of our Reverse Mortgage Department is a seasoned Reverse Mortgage Specialist. Because the Reverse Mortgage is a complex and highly flexible loan program, you need to know your options. You can be assured that your questions will be answered in a complete, accurate and honest manner.
