Get a Reverse mortgage quote.
Omega Mortgage Group is proud to offer reverse mortgages. If you are 62 years of age and older convert a portion of your home equity into usable funds without having to make a monthly mortgage payment*.
You can also use a reverse mortgage for the purchase of your primary residence. Reverse mortgages can enable you to pay off your existing mortgage, eliminate high interest debt, supplement your income, or simply stay in your home.
- Reverse mortgages can provide a source of income for homeowners in retirement, allow them to stay in their homes, and protect them if the housing market declines.
- No monthly payments required
- Several disbursement options
*You must reside in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to FHA requirements
WHAT IS A Reverse Mortgage?
A reverse mortgage is a financial instrument designed for homeowners aged 62 or older, allowing them to convert a portion of their home equity into cash without the obligation of monthly mortgage payments. Instead of the homeowner paying the lender, the lender makes payments to the homeowner, which are tax-free and can be used for various purposes such as supplementing retirement income, covering medical expenses, or paying for home repairs.
Talk with a friendly Omega loan expert and we’ll find the right Reverse Mortgage program for you.
FEATURES & HIGHLIGHTS
- Eligibility and Types: To qualify for a reverse mortgage, the homeowner must be at least 62 years old and have substantial equity in their home. The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is federally insured.
- No Monthly Payments Required: Unlike traditional mortgages, reverse mortgages do not require monthly payments from the borrower. The loan is repaid when the homeowner sells the house, moves out, or passes away.
- Residency and Property Requirements: The property must be the borrower’s primary residence, and certain types of properties are eligible, such as single-family homes, some multifamily homes, approved condominiums, and manufactured homes.
- Financial Obligations: Homeowners must continue to pay property taxes, homeowners insurance, and maintain the home even after taking out a reverse mortgage.
- Disbursement Options: Borrowers can choose from several disbursement options, including lump sum, line of credit, and term or tenure payments.