Second Reverse Mortgage Explained
Keep Your Low Rate Mortgage. Access Your Equity. No New Monthly Payment.
A second reverse mortgage allows seniors as young as 55, to access their home equity without refinancing or giving up their existing low-interest first mortgage. And unlike a traditional HELOC or home equity loan, there are no required monthly principal and interest payments on the second reverse mortgage.
Think about that for a second.
Remember when mortgage rates were 2.5% or 3%? If you were fortunate enough to lock in one of those rates, congratulations! You’ve got something pretty valuable.
But what happens when you need access to your home equity?
Maybe you’re retired and could use some extra cash. Perhaps you’ve accumulated credit card debt, need to make home improvements, or simply want a financial cushion.
A traditional cash-out refinance would mean giving up that beautiful low mortgage rate. And a HELOC? Well, that gives you another monthly payment to worry about.
But what if you could access your home equity without giving up your existing mortgage rate or adding another required monthly principal and interest payment?
That’s exactly what a Second Reverse Mortgage is designed to do.
You continue making payments on your existing first mortgage, but the second reverse mortgage doesn’t require monthly principal and interest payments. You’re still responsible for property taxes, homeowners insurance, maintaining your home, and paying that first mortgage.
I’ve been helping seniors with reverse mortgages since 2008, and this is one of the most interesting options I’ve seen for homeowners who want to preserve their low mortgage rates.
Let’s look at how a second reverse mortgage works, who qualifies, what it costs, and when it might make sense.
Sometimes it’s easier to understand a mortgage when someone explains it rather than reading about it.
In this video, I’ll walk you through how a second reverse mortgage works, why keeping your existing first mortgage can be such a big advantage, and how it compares to traditional home equity loans.
A Real-World Second Reverse Mortgage Example
A second reverse mortgage works by allowing you to borrow against your home’s equity while keeping your existing first mortgage exactly where it is.
Think about it this way.
Let’s say you bought or refinanced your home a while back and locked in a beautiful 3% mortgage rate. Your home is now worth $700,000, and you only owe $200,000.
You’ve built up $500,000 in equity. Not bad!
But now you’re retired, and you’d like to access $100,000 of that equity. Maybe you want to pay off credit cards, make some home improvements, or simply have extra money available during retirement.
So, what are your options?
Option 1: Get a Traditional Reverse Mortgage
You could refinance your existing mortgage into a traditional HECM or Jumbo Reverse Mortgage, assuming you’re at least 55 and have the equity to qualify.
That could eliminate your required monthly mortgage principal and interest payments altogether. Pretty attractive, especially if you’re living on a fixed income!
But there’s a downside. You’d be replacing that beautiful 3% mortgage with a new Reverse Mortgage, and if the payment isn’t hurting you, then why get rid of it?
Option 2: Get a HELOC (Home Equity Line of Credit)
A HELOC would allow you to keep your existing 3% first mortgage and borrow against your home’s equity.
Sounds pretty good, right?
Well, here’s the catch. Now you’ve got another monthly payment to make. And because most HELOCs have variable interest rates, those payments could increase over time. Once the draw period ends, you’ll have to start paying back principal, which can make those payments jump considerably.
For someone living primarily on Social Security or retirement savings, that’s not necessarily an ideal situation.
Option 3: Get a Second Reverse Mortgage
Now here’s where things get interesting.
Instead of refinancing your existing mortgage, we place a second reverse mortgage behind it.
Your original $200,000 mortgage stays exactly where it is, along with that wonderful 3% interest rate. You continue making your regular first mortgage payments, just as you always have.
But the second reverse mortgage allows you to access additional home equity without adding another required monthly principal and interest payment.
Think about that.
You keep your low-rate first mortgage, access some of the equity you’ve spent years building, and don’t have to worry about making a second monthly mortgage payment.
Now, that doesn’t mean the money is free. Interest accrues on the second reverse mortgage, and the balance generally grows over time if you’re not making voluntary payments (but the point is the payments are VOLUNTARY).
You’re also still responsible for property taxes, homeowners insurance, maintaining the property, and staying current on your first mortgage.
And like other reverse mortgages, the second reverse mortgage becomes due when the last borrower dies, the home is sold, the borrower permanently moves out, or another maturity event occurs under the loan terms.
The big advantage? You’re accessing your home equity without sacrificing the low interest rate you worked so hard to lock in.
Who Qualifies for a Second Reverse Mortgage?
One of the biggest surprises for seniors is that you don’t necessarily have to be 62 years old to qualify for a second reverse mortgage.
Some second reverse mortgage programs are available to homeowners as young as 55!
That’s a pretty significant difference from the traditional FHA-insured HECM reverse mortgage, which requires borrowers to be at least 62.
But age is just one piece of the puzzle. Let’s look at what lenders actually consider.
1. You Must Meet the Minimum Age Requirement
Depending on the lender and the state where you live, you may qualify for a second reverse mortgage beginning at age 55.
For example, certain programs are available to eligible homeowners age 55 and older in Florida and California. Other states have higher minimum ages, and some don’t offer the program at all.
If you’re married, we’ll use the younger spouse’s age to qualify (just like all other reverse mortgages).
2. You Need Sufficient Equity in Your Home
Unlike a traditional reverse mortgage that generally pays off your existing mortgage, a second reverse mortgage allows you to keep that first mortgage in place.
But that also means the lender needs to look at how much you owe compared with what your home is worth.
Let’s say your home is worth $800,000 and you owe $250,000 on your first mortgage.
You’ve got $550,000 in equity. That’s a pretty good starting point!
Now, that doesn’t mean you can borrow the entire $550,000. The amount available depends on your age, home value and existing mortgage balance.
For example, if you’re 71, you’ll qualify for a second reverse mortgage of roughly $194,000 (depending on your state).
3. Your Existing First Mortgage Must Qualify
This is an important one that people sometimes overlook.
You generally need to be current on your existing first mortgage, and the lender will review its terms.
You must have a fixed-rate first mortgage, and it can’t be modified.
In other words, some first mortgages, including interest-only loans, balloon mortgages, and other specialized financing arrangements, may not be eligible.
And remember, your existing first mortgage doesn’t disappear. You must continue making those payments.
4. The Home Must Be Your Primary Residence
Second reverse mortgages are generally designed for homeowners who live in the property as their primary residence.
That means your vacation home or investment property typically won’t qualify.
Eligible property types may include single-family homes, townhomes, and some condominiums.
And here’s some good news for condo owners: because these are proprietary reverse mortgages rather than FHA-insured HECMs, they may offer more flexibility with condominium approval.
5. Your Credit and Income Might Be Reviewed
First, you can ignore this whole section if you’re current on your property charges and your middle credit score is 720 or higher. If so, we won’t need to worry about your debts to income.
If your score is a little lower, however, you’ll still probably be ok. Read below for specifics.
Now, traditional HELOC lenders often focus heavily on your income, debt-to-income ratio, and ability to make another monthly payment.
But as you now know, a second reverse mortgage doesn’t require monthly principal and interest payments on the new loan.
That can make qualification more manageable for someone living primarily on Social Security, a pension, or retirement savings.
Now, don’t misunderstand me. This isn’t a loan where the lender simply ignores your finances.
Your credit history, existing mortgage payments, and ability to maintain the property will still be reviewed. Your credit score will need to be above 600 too.
The lender needs to be comfortable that you can continue paying your first mortgage, property taxes, homeowners insurance, and any applicable HOA dues.
Again, if your credit score is over 720, you don’t have to worry about the financial assessment.
So, Could You Qualify?
If you’re at least 55, have substantial equity in your primary residence, and want to keep your existing low-interest first mortgage, a second reverse mortgage may be worth exploring.
I’ve been helping homeowners navigate reverse mortgages since 2008, and one thing I’ve learned is that you can’t determine someone’s options from their age or home value alone.
Sometimes the numbers work beautifully. Other times, a traditional reverse mortgage or even a HELOC makes more sense.
The key is understanding your options before making a decision.
Second Reverse Mortgage vs HELOC: Which is Stronger for Retirees?
If you’re retired and need access to your home equity, chances are you’ve considered getting a HELOC (Home Equity Line of Credit).
And why wouldn’t you? HELOCs have been around forever, they’re relatively easy to understand, and they allow you to borrow against your home without refinancing your existing mortgage.
But there’s one thing about HELOCs that can create a real problem for retirees.
They come with another monthly payment.
And when you’re living on Social Security, a pension, or retirement savings, adding another payment to your budget might be the last thing you want to do.
That’s where a second reverse mortgage offers an interesting alternative.
The Biggest Difference Is Your Monthly Cash Flow
Let’s say you want to access $100,000 of your home’s equity.
With a traditional HELOC, you might have an interest-only payment during the initial draw period.
At an illustrative 8% interest rate, that’s approximately $667 every month, assuming you’ve borrowed the entire $100,000.
That’s $8,000 a year coming out of your retirement income just to cover the interest!
And here’s something else to consider. Most HELOCs have a draw period, commonly around 10 years. When that period ends, you generally have to start paying back principal along with interest.
Your monthly payment could increase substantially.
Now compare that with a second reverse mortgage.
You could access that same $100,000, assuming you qualify, without adding another required monthly principal and interest payment on the second loan.
You still make your existing first mortgage payments, but you’re not adding another required monthly principal and interest payment to your budget.
For someone trying to stretch their retirement income, that’s a pretty big difference.
Of course, interest on the second reverse mortgage doesn’t disappear. It accumulates, generally increasing the loan balance over time. That means less equity may be available when you eventually sell the home or leave it to your heirs.
But HELOCs Have Some Advantages, Too
I offer HELOCs as well as reverse mortgages, and there are certainly situations where a HELOC is the better choice.
For example, if you’re still working, have plenty of income, and plan to borrow money for a short period before paying it back, a HELOC could be a great option.
HELOCs also generally allow you to borrow money as needed, repay it, and borrow again during the draw period.
The second reverse mortgage program, on the other hand, gives you cash as a lump sum.
And if you plan to repay the loan relatively quickly, a HELOC may have a lower total borrowing cost (although the second reverse mortgage closing costs are extremely low).
So I’m certainly not suggesting that everyone should run out and replace their HELOC with a second reverse mortgage.
So Which One Makes More Sense?
Here’s how I look at it.
If you’re comfortable making monthly payments, want flexible access to your equity, and have a plan to repay the money, a HELOC may be exactly what you need.
But if you’re retired, want to preserve your existing low-rate mortgage, and don’t want another required monthly principal and interest payment eating into your retirement income, a second reverse mortgage deserves serious consideration.
The question isn’t simply how much money you can borrow. It’s how borrowing that money will affect your retirement cash flow, both today and years down the road.
And that’s a conversation worth having before signing up for either loan.
Second Reverse Mortgage Vs Traditional Reverse Mortgage
One of the questions I hear from seniors is, “Why would I get a second reverse mortgage instead of just getting a regular reverse mortgage?”
Good question!
The answer usually comes down to two things: your existing mortgage interest rate and your monthly cash flow.
Both options allow eligible homeowners to access their home equity without requiring monthly principal and interest payments on the reverse mortgage itself.
But there’s one very important difference.
A traditional reverse mortgage replaces your existing mortgage. A second reverse mortgage allows you to keep it.
When a Traditional Reverse Mortgage Makes More Sense
Let’s say you’re 70 years old, your home is worth $600,000, and you still owe $200,000 on your mortgage.
Your monthly principal and interest payment is $1,500.
Now imagine you’re retired and living primarily on Social Security. That $1,500 payment is eating up a pretty significant portion of your monthly income.
In that situation, a traditional FHA-insured HECM reverse mortgage could be a terrific option.
Assuming you qualify and have sufficient available proceeds, the reverse mortgage pays off your existing mortgage, eliminating that required $1,500 monthly principal and interest payment.
That’s $18,000 a year you’re no longer required to spend on mortgage principal and interest.
And depending on your age, home value, interest rates, and available proceeds, you might even have additional money left over.
For someone struggling with retirement cash flow, eliminating a large monthly mortgage payment can be life-changing.
Of course, you’re still responsible for property taxes, homeowners insurance, maintaining the home, and keeping your home as your primary residence.
When a Second Reverse Mortgage Makes More Sense
Now let’s change the situation.
Imagine you’re 65 years old, your home is worth $800,000, and you owe just $150,000 on a mortgage with a 2.75% interest rate.
Your monthly mortgage payment is affordable. You’re not struggling to make it.
But you’d like to access $100,000 of your equity for home improvements, unexpected expenses, or simply to have more cash available during retirement.
You could refinance into a traditional reverse mortgage, but that means paying off your existing low-rate loan and replacing it with a new mortgage at today’s rates.
Why give up that 2.75% rate if you don’t have to?
This is exactly the type of situation where a second reverse mortgage can make sense.
You keep your existing first mortgage, continue making those payments, and access additional equity through a second reverse mortgage without adding another required monthly principal and interest payment.
Your low-rate mortgage stays in place, and you have access to the additional funds you need.
Now, the second reverse mortgage balance generally grows over time as interest accrues, and you still need to keep up with your first mortgage and other property obligations.
But for the right senior, preserving that low interest rate can be a significant advantage.
What About the Reverse Mortgage Line of Credit?
Here’s another difference worth understanding.
A traditional adjustable-rate HECM reverse mortgage may offer a line of credit, allowing you to access available funds over time rather than taking everything upfront.
And the unused portion of a HECM line of credit can grow according to the loan’s terms, increasing your available borrowing capacity. That growth isn’t interest earned or money deposited into an investment account.
The second reverse mortgage only provides cash as a lump sum instead.
So if you’re looking for a line of credit that you can draw from over the years, a traditional HECM may be the better fit.
Which Reverse Mortgage Would I Recommend?
It depends on what you’re trying to accomplish.
If your existing mortgage payment is putting a strain on your retirement income, I’d absolutely want to explore a traditional reverse mortgage that could eliminate that required payment.
But if you’ve got a fantastic low-interest mortgage, your payments are comfortable, and you simply want to access some additional equity, I’d take a serious look at a second reverse mortgage.
And there’s one more thing to consider: a second reverse mortgage isn’t automatically cheaper just because you’re keeping your first mortgage.
You need to compare the interest accruing on both loans, the closing costs, how much cash you’ll receive, and what your total mortgage debt could look like five or ten years down the road.
That’s why I believe in showing seniors their options side by side.
Because at the end of the day, the goal isn’t simply to get a reverse mortgage.
It’s to make your home equity work for you without creating unnecessary financial stress during retirement.
Comparing Your Options
| Feature | Second Reverse Mortgage | HELOC | HECM or Jumbo Reverse Mortgage |
|---|---|---|---|
| Minimum Age | As young as 55, where available | Generally 18+ | As young as 55, where available (The HECM is 62+) |
| Keep Existing First Mortgage? | Yes | Yes | Existing mortgage must be paid off |
| Required Monthly P&I on New Loan | No | Yes, sometimes interest only to start but after a term P&I required | No |
| Access to Funds | Lump sum | Lump Sum or Revolving credit line | Lump sum, credit line, monthly payments, or combination, depending on plan |
| Interest Rate | Typically fixed | Usually variable | Fixed or adjustable |
| Income Qualification | Simplified, if credit over 720 | Income and debt-to-income review | Financial assessment, unless credit is over 720 |
| Interest | Generally added to balance | Generally paid monthly | Generally added to balance |
| Closing Costs | Low origination fee & no title fees in most states | Origination & title/closing fees | Origination fee, FHA mortgage insurance for HECMs and title fees |
| Repayment | Generally upon a maturity event | Scheduled repayment terms | Generally upon a maturity event |
| Best For | Preserving a low-rate first mortgage and surgically getting cash out | Flexible borrowing with manageable payments | Eliminating required first-mortgage P&I payments and retirement planning |
P&I means principal and interest. Homeowners must continue meeting applicable property tax, insurance, maintenance, and loan obligations. Eligibility and terms vary by lender, program, and state.
So which option is right for you?
There’s no one-size-fits-all answer.
A HELOC might be perfect if you need flexible access to cash and can comfortably handle the payments. A traditional reverse mortgage could be life-changing if eliminating your existing mortgage payment would improve your retirement cash flow.
But if you’re sitting on a 2.5% or 3% mortgage and don’t want to give it up, a second reverse mortgage could offer a pretty compelling alternative.
The important thing is to compare the numbers, not just the interest rates. Look at your monthly cash flow, upfront costs, how the loan balances may grow, and how much equity you want to preserve.
That’s how you make an informed decision.
How Much Does a Second Reverse Mortgage Cost?
One of the first questions homeowners ask me is, “How much is this going to cost?”
Fair question!
Reverse mortgages have a reputation for being expensive, and depending on the type of reverse mortgage you’re considering, that reputation isn’t entirely undeserved.
But here’s something that surprises a lot of people.
A second reverse mortgage can have considerably lower upfront costs than a traditional FHA-insured HECM reverse mortgage.
Let’s break it down.
The $3,995 Origination Fee
The second reverse mortgage program I offer has a $3,995 lender origination fee.
That’s a flat fee, rather than a percentage that increases as your loan amount gets larger.
For comparison, traditional HECM reverse mortgages can have an origination fee of up to $6,000, depending on the home’s value.
Of course, the origination fee isn’t the only cost involved in either loan, so let’s look at what else you might pay.
No Title Insurance Requirement in Most States
Here’s another advantage that can make a meaningful difference in your closing costs.
Most states don’t require a new lender’s title insurance policy for the second reverse mortgage program I offer.
That’s unusual in the mortgage world!
Title insurance can be a significant closing expense, especially on higher-value homes.
There are exceptions. South Carolina, for example, still requires title insurance.
And even where title insurance isn’t required, there may still be recording, settlement, or other applicable closing charges.
But eliminating the lender’s title insurance requirement in most states can help keep costs down.
No FHA Mortgage Insurance Premiums
This is another major difference between a second reverse mortgage and a traditional HECM.
A HECM is insured by the Federal Housing Administration and generally carries an upfront mortgage insurance premium of 2% of the applicable home value, subject to FHA’s lending limit.
That means on a $700,000 home, the upfront FHA mortgage insurance premium alone would be $14,000.
And that’s before the origination fee, appraisal, and other closing costs.
A second reverse mortgage is a proprietary loan, not an FHA-insured HECM, so there’s no FHA upfront or annual mortgage insurance premium.
That can make a pretty substantial difference in the upfront cost comparison.
What Other Closing Costs Should You Expect?
Depending on your state, property, and the lender’s requirements, additional costs may include:
Appraisal: Most appraisals cost between $600 and $800.
Credit report and other third-party charges: This costs about $140.
Recording and settlement fees: These vary by state and transaction.
Counseling: Counseling agencies generally charge between $150 and $200.
I’ll always review the actual charges with you so you understand what you’re paying before moving forward.
Do You Have to Pay the Closing Costs Out of Pocket?
The only out of pocket costs for the second reverse mortgage are your counseling session and the appraisal.
Are Second Reverse Mortgages Cheaper Than HELOCs?
Most of the time, but not always.
Most HELOCs have up-front origination fees of 2-5% of the loan size, and of course you have title fees and recording charges.
But honestly, fees are only part of the equation.
With a HELOC, you generally have monthly payments. With a second reverse mortgage, you don’t have required monthly principal and interest payments on that second loan, but interest accrues and can increase your balance over time.
The right comparison isn’t just what the loan costs to close. It’s what the loan costs you over time and how it affects your retirement cash flow.
At the end of the day, I don’t want you choosing a mortgage simply because it has the lowest closing costs.
I want you to understand what you’re paying upfront, how much interest could accumulate over time, and how the loan will affect your retirement cash flow.
Because a second reverse mortgage can be a terrific option for the right senior. But like any mortgage, there are trade-offs.
And that’s something we should talk about.
By the way,
Want to see how the costs compare across different reverse mortgage programs? I’ve put together a complete breakdown of reverse mortgage closing costs, including traditional HECMs, jumbo reverse mortgages, and second reverse mortgages.
It’s worth understanding those differences before deciding which option makes the most sense for you.
What are the Downsides of the Second Reverse Mortgage?
We’ve spent a lot of time talking about the advantages of a second reverse mortgage. Keeping your low interest rate, accessing your home equity, and avoiding another required monthly principal and interest payment can be pretty compelling.
But is there a catch?
Well, like any mortgage, there are trade-offs. And I’d rather explain those upfront than have you discover them after closing.
1. Your Loan Balance Will Generally Grow Over Time
This is probably the biggest thing to understand.
Because you’re not required to make monthly principal and interest payments on the second reverse mortgage, the interest generally gets added to your loan balance.
Now, you can generally make voluntary payments to reduce the balance if you’d like. But if you choose not to, the interest continues accumulating.
And remember, you’re still making payments on your original first mortgage.
2. You Might Have Less Equity Available in the Future
As the second reverse mortgage balance grows, it reduces the equity you’d otherwise have in your home.
With that said, at the same time as the balance is growing, you’re paying down your first mortgage.
Of course, your home’s value could also increase over time, potentially offsetting some of that growth in the loan balance.
But appreciation isn’t guaranteed.
So will your equity position improve or decline? That’s really a case-by-case answer.
3. You Still Have to Make Your First Mortgage Payments
This is where a second reverse mortgage differs significantly from a traditional reverse mortgage.
Your existing first mortgage payment doesn’t go away.
If you’re paying $1,800 a month today, you’ll still be responsible for that payment after getting a second reverse mortgage.
And you must continue paying your property taxes, homeowners insurance, and any applicable HOA dues, while maintaining the home and meeting the loan’s occupancy requirements.
If you’re already struggling to make your existing mortgage payment, a traditional reverse mortgage that pays off that loan may be a much better solution.
4. You Might Not Qualify for as Much Money as You Expect
Just because you have $500,000 in home equity doesn’t mean you can borrow $500,000.
The lender considers your age, home value and existing mortgage balance.
And because the second reverse mortgage sits behind your existing first mortgage, the amount you can borrow may be more limited than you expect.
That’s why I prefer to run the actual numbers before making any recommendations.
5. It’s Not Available Everywhere
The second reverse mortgage’s availability varies by state, and the qualifying guidelines can change from one program to another.
Some homeowners can qualify as young as 55, while others may need to be older.
So even if the program sounds perfect for your situation, we’ll need to confirm that it’s available where you live.
So, Is a Second Reverse Mortgage Worth It?
For the right senior, absolutely.
If you’ve got a low-rate first mortgage, plenty of equity, and a comfortable monthly payment, a second reverse mortgage can provide access to cash without adding another required monthly principal and interest payment.
But if you’re struggling with your existing mortgage payment, planning to sell your home soon, or concerned about preserving every dollar of equity for your heirs, we should compare other options.
The goal isn’t to get you into a second reverse mortgage. It’s to figure out whether one actually improves your financial situation.
Sometimes it does. Sometimes a traditional reverse mortgage or HELOC is the better answer.
And I’m perfectly comfortable telling you either way.
Frequently Asked Questions About Second Reverse Mortgages
What Happens to a Second Reverse Mortgage When You Die?
When the last borrower dies, the second reverse mortgage becomes due and payable.
Your heirs typically have options, including selling the home or paying off the loan to keep the property. They will also need to address the existing first mortgage.
The important thing is that your children don’t automatically lose the home simply because you had a reverse mortgage.
Can My Children Inherit My Home if I Have a Second Reverse Mortgage?
Yes. You still own your home, and it can pass to your heirs.
However, the second reverse mortgage will eventually need to be repaid, along with any remaining first mortgage balance.
Your heirs may be able to sell the property, repay both loans, and keep any remaining equity. Or they may be able to refinance or use other funds to pay off the debt and keep the home.
Can I Pay Off a Second Reverse Mortgage Early?
Yes. You can generally make voluntary payments or pay off the second reverse mortgage before it becomes due.
You aren’t required to make monthly principal and interest payments, but that doesn’t mean you’re prohibited from making them.
You can make payments or pay it off at any time.
What Happens if I Sell My Home?
When you sell your home, the proceeds are used to pay off your existing first mortgage and the second reverse mortgage.
After paying the mortgages and selling expenses, any remaining equity belongs to you.
Can I Get a Second Reverse Mortgage on a Condo?
Potentially, yes!
But there’s an IF. The condo association must be approved for financing.
That can open up opportunities for condo owners who have had difficulty qualifying for traditional FHA-insured reverse mortgages.
Approval still depends on the specific property, condominium association, and lender requirements.
Can I Get a Second Reverse Mortgage if I Already Have a HELOC?
Possibly, but an existing HELOC generally can’t simply remain in place ahead of the new second reverse mortgage.
The HELOC will need to be paid off and closed before or as part of the new loan transaction.
We’ll need to review your existing mortgage balances and available equity to see whether the numbers work.
Is a Second Reverse Mortgage Right For You?
Here’s how I look at it.
If you’ve got a 2.75% or 3% mortgage, I’d hate to see you give that up unless there’s a really good reason to do so. Those rates aren’t exactly easy to come by anymore!
But that doesn’t automatically mean a second reverse mortgage is your best option.
Maybe your existing mortgage payment is eating up too much of your Social Security every month. In that case, getting rid of that payment with a traditional reverse mortgage might make a whole lot more sense.
Or maybe you’ve got plenty of retirement income, need some cash for a short period, and can comfortably handle a HELOC payment.
That’s why we need to look at the numbers.
I’ve been in the mortgage business since 2008 and have helped more than 470 seniors and their families with reverse mortgages. And one thing I’ve learned over the years is that two homeowners with nearly identical houses and mortgage balances can have completely different needs.
I offer traditional reverse mortgages, jumbo reverse mortgages, second reverse mortgages, and HELOCs. So I’m not limited to trying to fit you into one particular program.
We’ll look at what you owe, your current interest rate, how much equity you’ve got, and most importantly, what you’re trying to accomplish.
If a second reverse mortgage makes sense, terrific. If there’s a better way to accomplish what you’re trying to do, I’ll tell you that too.
You’ve spent years building equity in your home. Let’s make sure you’re putting it to good use.
Give me a call, or request your options below. We’ll run the numbers and see what makes sense.
Thanks and I’ll do my very best for you.
Jason Eichmiller