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  • Reverse Mortgage

    Reverse mortgage loans are exclusively for people at least 62 years of age. They allow you to convert the equity in your home into available cash. Also known as a Home Equity Conversion Mortgage (HECM), a reverse mortgage loan is a Federal Housing Administration (FHA) insured loan.

    To learn more about the benefits of reverse mortgage loans, please call us toll-free: (855) 506-2315.

    Common Uses for a Reverse Mortgage

    The proceeds received from a reverse mortgage can be used as you see fit.

    • Pay off your existing mortgage
    • Continue to live in your home and maintain the title
    • Pay off medical bills, vehicle loans, or other debts
    • Improve your monthly cash flow
    • Fund necessary home repairs or renovations
    • Build a “safety net” for unplanned expenses
    • Travel

    Note: If a borrower chooses to re-invest proceeds, it is important to first discuss with a qualified financial advisor.

    Process to Get a Reverse Mortgage Loan

    The time it takes to close depends on each individual case, but your loan officer will help you through each step.

    • Become educated on the products

      Meet with a qualified loan officer to discuss the benefits, options, and plans available to you.

    • Meet with a certified counselor

    This is to help you fully understand the loan terms and is required by the government. Most states allow for this to be completed over the telephone and it usually takes about 30 minutes.

    • Application

    We’ll prepare an application package for you to sign and get the necessary paperwork.

    • Loan approval

    Once all the necessary paperwork is gathered and approved, we can set a closing date that works best for you.

    • Funding

    After the required 3-day rescission period, the proceeds will become available to you.

    Types of Reverse Mortgages

    A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that is federally-insured. There are several HECM products available that you may consider:

    • Fixed-Rate Loan

    A fixed-rate HECM loan allows you to take all proceeds from your reverse mortgage in a lump sum after closing. The rate will not change throughout the life of the loan.

    • Adjustable Rate Loan

    An adjustable rate HECM loan can adjust throughout the life of the loan but also allows for you to receive your proceeds through fixed monthly advances or to establish a line of credit with your proceeds.

    • Loan for Purchase

    This program allows you to purchase a new home using a reverse mortgage. Although you will not receive cash under this program, you will be able to live in a new home without making any principal and interest payments to the bank.

    Frequently Asked Questions

    There are many misconceptions about reverse mortgages that may be answered by the following frequently asked questions.

    • How do I receive the proceeds from my reverse mortgage? You make the choice to receive the proceeds from your reverse mortgage either through a lump sum, set monthly advances, or a line of credit.
    • Who will be on title to the home after I close my reverse mortgage? You will continue to own the home and hold title to it.
    • When do I have to pay back the loan? With a reverse mortgage, there are no monthly principal and interest payments required. The loan is paid back when the last surviving borrower either passes away or moves out of the property, usually through the sale of the property. Note: Borrowers are responsible for maintaining current property taxes and homeowners insurance.
    • Are condominium units and manufactured homes eligible for a reverse mortgage? In many cases, they are eligible.
    • What happens if the loan balance becomes more than the value of my home? If the loan grows to more than your home is worth, you do not have to pay the excess. You or your estate will typically sell the home, the lender will take the proceeds from the sale as payment on the loan, and FHA insurance will cover any remaining loan balance. You may continue to live in your home as long as it is your primary residence.
    • Will getting a reverse mortgage affect my Social Security or Medicare? Typically no, but it is important to contact your benefits coordinator for state variations in these programs.


    Click Here to begin the prequalification application