Reverse Mortgage
A Reverse Mortgage is a loan that enables homeowners that are 62 years of age or older to use part of their homes’ equity to obtain cash proceeds. Nearly all Reverse Mortgage loans on the market today are FHA insured Home Equity Conversion Mortgages (HECMs).
At Murray Mortgage Solutions, we understand that your home is more than just a place to live—it's one of your most valuable assets. A HECM reverse mortgage can offer financial flexibility by allowing you to use this asset to cover living expenses, medical costs, or other financial needs during retirement. The amount you can borrow depends on several factors, including your age, the appraised value of your home, and current interest rates. One of the key benefits of a HECM is that it is a non-recourse loan, meaning that you or your heirs will never owe more than the home is worth, even if the loan balance exceeds the home's value at the time of repayment.
We’re deeply committed to guiding you through every process for securing a HECM reverse mortgage. We provide clear, comprehensive information and personalized support to help you determine if this option is the right fit for your financial goals. Our team will work with you every step of the way, ensuring that you fully understand the terms of your loan and feel confident in your decision. Whether you're looking to supplement your retirement income or cover unexpected expenses, a HECM reverse mortgage could be the solution you need.
Highlights
No Monthly Payments: Borrowers do not make monthly mortgage payments; the loan is repaid when the home is sold, the homeowner moves out, or passes away.
FHA-Insured: HECMs are backed by the Federal Housing Administration (FHA), offering protection and peace of mind.
Access to Equity: Converts a portion of your home’s equity into cash, which can be received as a lump sum, monthly payments, or a line of credit.
Non-Recourse Loan: You or your heirs will never owe more than the home’s value, even if the loan balance exceeds it.
Ownership Retained: You retain ownership of your home, and the title remains in your name.
**Underwriting guidelines are subject to change. Please contact us directly for more information regarding qualification standards.