What is a Reverse Mortgage?
A Reverse Mortgage, or Home Equity Conversion Mortgage (HECM), is a special type of home loan that lets homeowners aged 62 or older convert a portion of their home equity into cash. This cash can come in monthly payments or a line of credit, allowing you to use your home to support your retirement.
Key Benefits of Reverse Mortgages
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Flexibility:
No required monthly principal payments
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Stability:
Optional interest payments means more cash flow.
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Security:
Helps prevent foreclosure for qualifying homeowners
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Accessibility:
May help those with homes in a trust
Who Qualifies for a Reverse Mortgage?
To qualify for an FHA mortgage, applicants must meet certain criteria, which may include:
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Age:
Must be at least 62 years old
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Primary Residence:
Must live in the home as your primary residence
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Property Type:
Eligible property types (single-family, townhouses, etc.)
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Home Ownership:
Must either own the home outright or have a small enough mortgage to pay off
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Ongoing Eligibility:
Responsible for property taxes and insurance to maintain eligibility
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HUD approval:
As part of the application process, the U.S. Department of Housing and Urban Development (HUD) will evaluate your finances to ensure you can keep up with your property taxes and insurance, protecting your financial health.
To Apply, You’ll Need:
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A copy of your Social Security and/or Medicare card
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A valid photo ID (Driver's License or Passport)
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Your Birth Certificate or proof of your date of birth
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Last two years of tax returns and W-2 forms
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Social Security or pension award letters (if applicable)
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Recent mortgage statement (if you have a mortgage)
Ready to explore your options?
Contact us today to speak with a dedicated FFC Loan Officer who can guide you through the process and determine your eligibility!
Want to learn more?
What Others are Saying
About Fort Funding?
Don’t just take our word for it– here are some actual, word-for-word reviews from real customers just like you.
Why Choose Us?
(It Might Surprise You.)
You have a lot of options when it comes to choosing your mortgage lender. That’s why here at Fort Funding, work hard to give every single customer the most incredible lending experience possible.
This might surprise you, but, we go against the grain of the mortgage industry. Why? Because nowadays, so many lenders have given up quality for quantity– and it’s customers like you who suffer. That’s not us, and it never will be.
Since we began in our small office in Brooklyn in 1993, we’ve treated every client like family, and reimagined what a first-class, personal mortgage experience can look like.
If you’re looking for a personalized experience we’re excited to show you the hundreds of loan options available at incredible rates.
Start Your Mortgage Approval Process Now
Have Questions? Give us a call.
We love helping people find the answers they need.
718-921-0200
NEW YORK
NMLS #39463.
License #RMB 209074
Registered Mortgage Broker - New York State Department of Financial Services. All loans arranged through third party providers.
NEW JERSEY
NMLS #39463
New Jersey Residential Mortgage Broker. Licensed by the NJ Department of Banking and Insurance. We do not make any mortgage commitments or fund any loans. All loans arranged through third party providers.
CONNECTICUT
NMLS#39463.
License #20264
Connecticut Mortgage Broker - Connecticut Department of Banking. Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender.
PENNSYLVANIA
NMLS #39463.
License #59975
Licensed by the Pennsylvania Department of Banking and Securities.
FLORIDA
NMLS#39463.
Lender License #MBR2367
Licensed by the Florida Office of Financial Regulation.
CALIFORNIA
NMLS#39463.
License/Registration # 60DB0-148018
Licensed Under the California Department of Financial Protection and Innovation.
California-DFPI Financing Law License
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