The Bon Air Group Mortgage Lending Site

                                                                                                    Toll free 1-877-446-8292   415-461-6712 fax 877-382-9899

Reverse Mortgages

 

        Whether seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income, or pay for healthcare expenses, many older Americans are turning to "reverse" mortgages. Reverse mortgages allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

        In a "regular" mortgage, monthly payments are made to the lender. But in a "reverse" mortgage, money is received from the lender and not paid back for as long as the home is occupied by the borrower(s). Instead, the loan is repaid when the last surviving homeowner no longer occupies the property as a primary residence either through death or relocation. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.

       To qualify for most reverse mortgages, the youngest borrower must be at least 62 and live in the home. The proceeds of a reverse mortgage (without other features, like an annuity) are tax-free, and reverse mortgages have no income restrictions.

 

Download Application Contact Us

              For all the loans listed below the youngest borrower must be at least 62 years of age.

Program Type Rate Adjustments MIP* Payment Options
HECM

 MONTHLY

ADJUSTABLE MONTHLY YES Lump Sum, Line of Credit, Tenure, Term or Combination
HECM

ANNUAL

ADJUSTABLE ANNUALLY YES Lump Sum, Line of Credit, Tenure, Term or Combination
HECM

FIXED

FIXED NEVER YES Lump Sum, Line of Credit, Tenure, Term or Combination
JUMBO

FIXED

FIXED NEVER NO LUMP SUM
JUMBO

ADJUSTABLE

ADJUSTABLE NEVER NO LUMP SUM

                             * Mortgage Insurance Premium

Home Loans Commercial Loan Purchase or Sell Promissory Notes Contact Us