What is a reverse mortgage loan?
A reverse mortgage is a loan program designed to enable homeowners 62 years and older to convert part of the equity in their homes into tax-free cash flow* without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to the lender, as with a regular mortgage, the lender makes payments to you. You are required to pay your property taxes, insurance and any other charges associated with your property.
* Consult a Tax Professional.
What are the requirements?
- At least one homeowner must be at least 62 years old.
- The home must be your primary residence. Your home must be either a single family home, 2-4 unit owner-occupied home, HUD
approved condo, townhome or manufactured home that meets HUD requirements. - You must attend a HUD-approved counseling session by phone or in person.
- You are required to continue to pay property taxes, homeowners insurance and any other property related charges like you currently do and as you would do with any other loan type.
Why work with ZYNG Reverse Mortgage?
Reverse mortgage loans are not all we do, but they are our specialty.
We understand the importance of offering all loan products to our consumers. Yes, you most likely found us with a reverse mortgage Google search and we would love to help you with your reverse mortgage. We do specialize in them and we do a good job of it as evidenced by our countless reviews. However, should another loan product be a better fit for you than a reverse mortgage, we have the ability to offer that product to you.
Think about it, if a company advertises that all they do is reverse mortgages, do you think that some of their clients are being sold a reverse mortgage when they shouldn’t be or are they turning them away?
As an independent broker, we offer wholesale rates from most leading reverse mortgage lenders.
We are a small, efficiently run reverse mortgage broker. As such, we strive to keep our overhead costs low, allowing us to pass that savings on to the borrower.
Our loan officers are some of the most experienced reverse mortgage specialists in the industry.
Having worked with major national banks, and now as a senior loan specialist with ZYNG Mortgage, I can provide a hands-on level of service not available with the national brands. Contact Pat O’Neil at (855) 500-9260 or (509) 252-1639 for additional information.