Reverse Mortgage

The Mortgage for Your Lifestyle

Also known as an FHA Home Equity Conversion Mortgage (HECM), this loan program can help homeowners aged 62 or older tap into your current home's equity to buy a new home instead of using all of your available assets. You can make a larger down payment and start building equity faster on the new home.*

No Monthly Payments

Borrowers must maintain the home and remain current on their property taxes, homeowners insurance, and any HOA dues.

Live Closer to Loved Ones

Make the most of your retirement and stay close to the ones you love! A Lifestyle Reverse Mortgage could help you make the move.

Quality Housing

Quality may mean a better floor plan, such as a single-story residence that eliminates stairs, or simply enjoying the benefits of a more high-end, energy-efficient home.

Low-maintenance living

Many older homeowners are ready to give up the hassle of yard work, exterior home repairs, and other necessary maintenance in favor of a community that provides these services.

More purchasing power

By utilizing the Lifestyle Reverse Mortgage, senior homebuyers have found that they can buy more of a home with less cash out of pocket.

Comparing three ways to purchase a new home

	All Cash	Traditional Mortgage	Lifestyle Reverse Mortgage
Why?	Buyer owns the home free and clear	Option to make a minimum down payment and limit upfront investment Builds equity as they pay down the loan	No monthly principal and interest payments required* Gives the buyer the flexibility to get the home they want Allows them to keep more assets to use as they wish
Why Not?	Ties up a large portion of their money	Monthly mortgage payments diminish the buyer’s cash flow	May reduce the buyer's equity in the home as the loan balance increases with applied interest; this may be offset with home appreciation When the loan comes due, the buyer or their heirs must pay off the loan to keep the home

Is a reverse mortgage right for you? Call Steve Scheiern at 805-279-3480 for a free consultation.

*Borrower is responsible for property taxes, homeowners insurance, any HOA dues, and property maintenance for the loan to remain in good standing. The Lifestyle Reverse Mortgage/HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives in the home as their primary residence.

Buy a Home Understand your options and prequalify.

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