Reverse mortgage guidance for homeowners 62 and older.
A reverse mortgage can let you turn part of your home's equity into cash while you keep living in your home, with no required monthly mortgage payment. It isn't right for everyone, so I start with clear answers about how it works, what it costs and what you're still responsible for.
Get the facts first
- No obligation and no pressure
- Your costs and responsibilities explained up front
- Alternatives compared before you decide
- Family members welcome on the call
A loan that uses your equity, not your monthly budget.
The most common reverse mortgage is the Home Equity Conversion Mortgage, or HECM, which is insured by the Federal Housing Administration (FHA). Instead of you making a monthly payment to a lender, the loan lets you access part of your home's equity as cash.
Because you aren't making required monthly payments, interest and mortgage insurance are added to the balance, so what you owe grows over time while your equity generally goes down. The loan is typically repaid when the last borrower sells the home, moves out permanently, or passes away.
You keep the title to your home. You also keep the responsibilities of owning it, and that is part of every conversation I have about this loan.
Choose how you access your equity.
Available amounts depend on the age of the youngest borrower, your home's value, current interest rates and program limits. I'll walk you through real numbers for your home.
Lump sum
Receive available funds at closing, often used to pay off an existing mortgage and free up monthly cash flow.
Monthly advances
Set up regular payments for a fixed term or for as long as you live in the home and meet the loan terms.
Line of credit
Keep available funds in reserve and draw from them when you need to, under the terms of your loan.
A combination
Mix options, such as a monthly advance plus a line of credit, to match your retirement plan.
You keep ownership, and the responsibilities.
To keep a reverse mortgage in good standing, you need to:
- Live in the home as your principal residence
- Pay property taxes on time
- Keep homeowners insurance in place
- Maintain the home in good condition
- Pay HOA dues and other property charges, if any
- Talk with family about your plans and the loan
A reverse mortgage isn't right for everyone.
That's why the first conversation is about understanding the loan, not pressure to move forward.
The balance grows
Interest and mortgage insurance accrue on the amount you borrow, so what you owe increases over time.
There are costs
Expect closing costs, an upfront and annual FHA mortgage insurance premium, and other fees. I'll lay them out in writing.
Counseling is required
A HUD-approved housing counselor reviews the loan with you before an FHA-insured HECM can close.
Compare alternatives
Downsizing, a traditional refinance, a HELOC or other resources may fit better. We'll look at those too.
HECM for Purchase: right-size your next move.
Downsizing or moving closer to family? A HECM for Purchase can help eligible buyers 62 and older buy a new principal residence with a down payment from their own funds and no required monthly mortgage payment afterward. Ask me how it could work for your move.
Have questions about a reverse mortgage?
Visit Mark's reverse mortgage education site for more plain-language answers, or call to talk it through.
From questions to a clear decision.
No obligation at any step. Family members are welcome.
Initial conversation
We talk about your goals, your home and your finances, and I answer your questions in plain language.
Compare options
I explain the payout choices, the costs and the alternatives so you can compare with confidence.
Independent counseling
You meet with a HUD-approved counselor, who reviews the HECM with you before you move forward.
Application and closing
If it is the right fit, I guide you through the application, appraisal and closing.
Rooted in Las Vegas, licensed in nine states.
I help homebuyers and homeowners throughout the Las Vegas valley, from Summerlin and Centennial Hills to Henderson, Green Valley, North Las Vegas, Enterprise, and Spring Valley, and out to Pahrump. My office is at 5516 S. Fort Apache Rd., Suite 120, in southwest Las Vegas.
Where Mark can help
Mark works out of NOVA Home Loans' southwest Las Vegas office and is licensed to originate loans in Nevada, Arizona, California, Colorado, North Carolina, Oregon, Pennsylvania, Texas, and Washington. Program availability varies by state. Verify licensing at NMLS Consumer Access (NMLS #351484).
Reverse mortgage questions.
Straight answers for homeowners and their families. Don't see yours? Just ask.
Who can get a reverse mortgage?
Do I still own my home?
Do I have to make monthly payments?
When does the loan have to be repaid?
What happens for my heirs?
Can I use a reverse mortgage to buy a home?
Is a reverse mortgage right for everyone?
Mark Sangster, Senior Loan Officer, NMLS #351484. NOVA Financial & Investment Corporation, DBA NOVA Home Loans, NMLS #3087. 5516 S. Fort Apache Rd., Suite 120, Las Vegas, NV 89148. Office (702) 463-6682. Verify licensing at www.nmlsconsumeraccess.org. This is not a commitment to lend. All loans are subject to credit approval, income and asset verification, property appraisal, and program guidelines. Programs, rates, terms, and availability are subject to change without notice. Equal Housing Opportunity.
Reverse mortgage disclosures: A Home Equity Conversion Mortgage (HECM) is available to homeowners age 62 and older and is subject to FHA and lender guidelines. Borrowers must occupy the home as their principal residence and remain current on property taxes, homeowners insurance, maintenance and any HOA dues; failing to meet these obligations can cause the loan to become due and payable. The loan balance grows over time as interest and mortgage insurance premiums accrue. HUD-approved counseling is required. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Get the facts before you decide.
No obligation and no pressure. Call, text or email Mark for a personal review of whether a reverse mortgage may fit your situation.