FAQs about the Reverse Mortgage

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many retirees use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.
You can receive additional free information about reverse mortgages in general by contacting Becky Koontz, Senior Reverse Mortgage’s Certified Reverse Mortgage Professional (CRMP) at (505) 910-4101.
Becky loves to help her clients to make the most out of their retirement, click the button below to read some of their testimonials:
A Reverse Mortgage is an excellent way for seniors to tap into the equity of their home, pay off an existing mortgage, or purchase a new home without house payments. This provides seniors with an opportunity to better enjoy their “Golden Years”. Reverse mortgages are government insured loans. The borrower retains ownership of their home. There are two types of reverse mortgages:

  • Reverse Purchase
  • Reverse Refinance

A Reverse Purchase enables a borrower to purchase a home with down payment and no future mortgage payments. This is a perfect way to downsize or purchase a newer, more efficient home. A Reverse Refinance allows a borrower to either pay off an existing mortgage, receive a monthly check, a line of credit, or a combination of all three.