Reverse Mortgage (HECM) Loans
We assist homeowners aged 62 and older in accessing their home's equity with reverse mortgage loans, also known as Home Equity Conversion Mortgages (HECM).
Unlock Your Home's Equity with a Reverse Mortgage
At InFokus Mortgage, we specialize in helping homeowners aged 62 and older tap into their home’s equity through reverse mortgage loans. Also known as Home Equity Conversion Mortgages (HECM), these loans provide financial flexibility and can be tailored to meet your specific needs, whether you're looking to purchase a new home or refinance your existing one.
Explore the benefits and qualification requirements for our reverse mortgage purchase and refinance loans below.
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Benefits of Reverse Mortgage Loans
Supplement Your Retirement Income
Reverse mortgages allow you to convert part of your home’s equity into cash, providing a steady stream of income that can help cover living expenses, medical bills, or other financial needs during retirement.
No Monthly Mortgage Payments
One of the most attractive features of a reverse mortgage is that you are not required to make monthly mortgage payments. Instead, the loan is repaid when you sell the home, move out, or pass away.
Retain Home Ownership
With a reverse mortgage, you retain ownership of your home. You can live in your home for as long as you like, provided you continue to pay property taxes, homeowners insurance, and maintain the property
Flexible Payout Options
Choose from various payout options that best suit your financial needs: lump sum, monthly payments, line of credit, or a combination of these.
Tax-Free Funds
The proceeds from a reverse mortgage are generally tax-free, giving you access to funds without affecting your taxable income.
Buying a New Home with a Reverse Mortgage
A reverse mortgage purchase loan allows you to buy a new home without the burden of monthly mortgage payments. This can be a great option for those looking to downsize, move closer to family, or find a home that better suits their needs.
Benefits
No monthly mortgage payments
Use home equity to buy a new home
Maintain ownership and live in the new home
Qualification Requirements
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Borrower must be 62 years or older
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The new home must be your primary residence
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You must be able to pay property taxes, homeowners insurance, and maintenance costs
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The home must meet FHA property standards and flood requirements
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Adequate income to cover ongoing expenses
Qualification Requirements
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Borrower must be 62 years or older
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The home must be your primary residence
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You must continue to pay property taxes, homeowners insurance, and maintain the property
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Adequate income to cover ongoing expenses
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The home must meet FHA property standards and flood requirements
Refinancing Your Home with a Reverse Mortgage
Refinancing an existing mortgage with a reverse mortgage loan can help you access additional funds, reduce your interest rate, or change your payout option. This is ideal for homeowners who want to enhance their financial situation without making monthly payments.
Benefits
Access more of your home’s equity
No monthly mortgage payments
Lower interest rates may be available
Flexible payout options
How to Qualify for a Reverse Mortgage
Eligibility Criteria
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Age Requirement: You must be 62 years or older.
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Primary Residence: The property must be your primary residence.
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Home Equity: Sufficient home equity is required to qualify.
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Financial Assessment: You must demonstrate the ability to pay property taxes, homeowners insurance, and maintenance costs.
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Property Standards: The home must meet FHA property standards and flood requirements.
Application Process
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Initial Consultation
Counseling Session
Application
Contact InFokus Mortgage to discuss your financial goals and determine if a reverse mortgage is right for you.
Complete a HUD-approved counseling session to ensure you understand the benefits and obligations.
Submit your application with the necessary documentation, including proof of age, residency, and financial information.
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Appraisal
Underwriting
Closing
An appraisal of your home is conducted to determine its value.
Your application and appraisal are reviewed by our underwriters.
Once approved, you’ll sign the final documents, and your funds will be disbursed according to your chosen payout option.