FAQ's

What if I have a mortgage already?

A Seniors Reverse Mortgage, Seniors HELOC or Seniors Mortgage can be used to pay off any existing debts you have secured against your home. The caveat is that your other loans must be less than what we can get you approved for. On closing, your [Read more]

Reverse Mortgage Alternatives

A reverse mortgage is the best fit for many, but not all. The main disadvantage is the interest rate, which can be two percentage points more than some alternatives.  Always consider the alternatives before entering into a reverse mortgage. Doing so can save you thousands in [Read more]

What is an Equitable Bank PATH Reverse Mortgage?

The PATH reverse mortgage is a brand of reverse mortgage offered by Equitable Bank. As of this writing (January 2018), it differs from CHIP in these important ways: PATH offers cheaper setup fees (only $800 versus CHIP’s $1795) PATH offers smaller loan amounts $400,000 to [Read more]

Is a reverse mortgage suitable for me?

A reverse mortgage may not be suitable if you: Can access lower cost loans with equivalent risk characteristics Don’t intend on living in your home for five or more years Have deteriorating health that will keep you from living independently in the foreseeable future Want [Read more]

How does a reverse mortgage work?

A reverse mortgage is a type of loan where the lender pays you cash, and you don’t have to pay it back until you leave your home. You will never owe more than your home is worth. Nor can the lender force you out of [Read more]

Could I owe more than my house is worth?

With a reverse mortgage, you will never owe more than your home is worth. Furthermore, 99% of reverse mortgage clients end up with equity left over when they pay off their reverse mortgage, as data from HomeEquity Bank shows. Statistically, the average amount left over [Read more]

What if I move?

If you sell your home, any financing you have on the property (reverse mortgage, HELOC or mortgage) must be paid off. With a Seniors Mortgage, you can generally port the mortgage if you buy a new home, thus, avoiding penalties.

Do I get all the money at once?

The timing of your funds depends on what financing you get. With a Reverse Mortgage You can take a lump sum at closing (minimum $20,000 to $25,000) Or you can take monthly planned advance (minimum $500 to $1,000 a month) Or you can take single [Read more]

Can I use a reverse mortgage to buy a home?

Absolutely. If you want to buy a new property and make no mortgage payments on it, a reverse mortgage might be a fit. Just remember that you will need a large down payment (at least 45% to 75% depending on your age, location, etc.). Moreover, [Read more]

How much interest will I pay?

The interest you pay is mainly a function of the type of financing, the interest rate, compounding and the amortization. Therefore, it is impossible to quote one number for everyone. For an exact estimate, our friendly expert consultants will calculate the total borrowing cost for [Read more]