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What is a Reverse Mortgage?

A Reverse mortgage, also known as a home equity conversion mortgage, is similar to a traditional mortgage. With a Reverse mortgage, you have access to money based on the value of your home. The homeowner will always remain on the title and the deed of the home. A Reverse Mortgage also provides the homeowner with the opportunity to sell the home or pay off the loan early with no penalty.

Unlike a traditional mortgage, A Reverse Mortgage provides the homeowner the opportunity to make whatever monthly mortgage payment you like or no monthly mortgage payments at all. As the homeowner, you have total control over your monthly payments and only remain responsible for property taxes, homeowners’ insurance, and maintenance of your property. The amount of funds available to you in the line of credit option has a growth feature. This line of credit amount can increase over time (unlike any other home equity line of credit in the country). A Reverse Mortgage also gives you the ability to receive money in a lump sum, monthly disbursements, or use the line of credit and take money when you want or need it. This money is tax-free. Another unique feature of a Reverse Mortgage is that it protects you against declining home values because it is a non-recourse loan meaning you or your heirs never owe more than the value of the home.


The many uses of a Reverse Mortgage
Pay Off Existing Mortgages
Pay Medical And Long Term Care Cost
Invest in Retirement Planning
Use as a line of Credit
Supplement Retirement Income with tax-free funds

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Six benefits of getting a Reverse Mortgage.


United Mortgage Corporation makes the process seamless and simple. We’re experts in reverse mortgage financing. And we’re dedicated to helping people learn more about this versatile financial instrument, which can help strengthen and lengthen a retirement plan.

Various Payout Methods

There are several ways that you can get paid out on the sum of your Reverse Mortgage, including,

• A line of credit that you draw upon that can increase over time.
• A monthly tenure option that pays you a monthly payment for life
• A monthly term payment that pays fixed monthly payments over a set term of your choice.
• A fixed-rate, lump-sum option that pays you the entire proceeds at once.


A Reverse Mortgage is available under a Home Equity Conversion Mortgage, HECM. This product is only available through the Federal Housing Administration. A Mortgage Bank issuing Reverse Mortgages must be an approved FHA Lender, such as United Mortgage Corp.


According to the IRS, a Reverse Mortgage is considered a loan and not income; Thus making the funds tax-free. A borrower may utilize the funds for any use. We advise our borrowers to consult with a financial advisor or an accountant for any professional tax advice.


The lender will place a lien on the title in the amount of the monies borrowed. So if you do end up moving or selling the home, that lien will have to be satisfied before any remaining monies are paid out.


There are no monthly mortgage payments on a Reverse Mortgage. If you qualify and have an existing mortgage, home equity loan or any other type of debt, you can pay it off and reduce your monthly expenses. If you own your home free-and-clear, you can get the additional funds you need with no minimum monthly repayments required. (As the homeowner, you remain responsible for paying property taxes, homeowners insurance, and homeowner's association dues if applicable.)


Proceeds can be used to fund a variety of financial products, including:

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