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  Reverse Mortgage
  A Home Equity Conversion Mortgage, or simply HECM, is designed by the federal government to help seniors 62 years and older obtain more financial stability toward their retirement. With the HECM program, eligible seniors are allowed to borrow against the equity in their home and may receive regular payment(s) which they can use as a source of stable personal income.
  The proceeds of the reverse mortgage depend upon the age of the youngest borrower, current interest rate, lower of the appraised value or purchase price of the home, and maximum mortgage limit. The borrower(s) will not be obligated to pay back the loan unless he or she moves out of the property, sells the home, or is no longer living in the home.
  Benefits and Highlights:
  • The loan is entirely financed and repaid from the value of your home, which means that as long as you stay in your home, you will never have to worry about paying the loan back.
  • You and your heir will not be obligated to pay the loan back using any of your financial or personal possessions when it is due and payable. Only the value of your home is used to repay the loan when the loan is due.
  • Provides the secure feeling of being able to stay in your home and be free from any more mortgage payments for the rest of your life.
  • Have the peace of mind knowing that the loan is government-insured, which means the payment(s) to you will be guaranteed.
  • You maintain the title to your home during the life of the reverse mortgage.
  • No application fees are required, and closing costs are allowed to be financed by the loan as long as there is sufficient equity.
  • You have the option of receiving the proceeds of your reverse mortgage either as monthly payments, a line of credit, a lump sum, or a combination of these options.
  • Best of all, the income you receive from your reverse mortgage is tax-free. Please consult your tax advisor regarding any specific, individual circumstances.
  Questions you may consider to see if a reverse mortgage is right for you and your family...
  • Would you like to maintain possession of your home, be freed from any more mortgage payments, and be paid a good source of income from available equity for as long as you live in your home?
  • Would you like to have an additional source of income to use for your family, such as help paying for your grandchildren's college tuition?
  If you answer yes to any of the above, then a reverse mortgage may be right option for you. Keep in mind that as a responsible holder of a reverse mortgage, you are still required to pay your property taxes and insurance and properly maintain your home.
  A Reverse mortgage is still new to many people, but Sun West will explain your options to you before determining whether a reverse mortgage is really right for you. We will be here to help you get educated, explain how a reverse mortgage works, and determine the amount of mortgage you will be able to qualify for.
  Please apply online, or speak to one of our licensed and experienced mortgage professionals today at 1 (844) SUN-WEST (786-9378).
  We make the process simple and easy!
  • Call us at 1 (844) SUN-WEST (786-9378) and submit information for your application.
  • Provide all the necessary documentation and complete counseling process.
  • We will issue a conditional approval and order value check on your property.
  • Once acceptable value is established and any outstanding items are submitted and resolved, you may sign your paperwork as part of the closing process.
  Take advantage of our great rates today!

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