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Reverse Mortgages Options

Two reverse mortgage options: HECM vs. HomeSafe®. Achievers Financial Group offers two reverse mortgage options when refinancing or purchasing a home: standard Home Equity Conversion Mortgage (HECM); and a proprietary HomeSafe reverse mortgage. While each allows you to buy a home that fits your current needs, the HECM has a cap of $822,375, while HomeSafe provides much higher loan amounts up to $4 million.

Reverse Mortgage Refinance

So what is a reverse mortgage?

A reverse mortgage is a loan for borrowers 62 and over that converts your home equity into cash. The unique benefit is that you don’t need to pay it back month after month. Interest and fees add to the loan balance over time; you continue to pay property taxes, insurance and uphold the loan terms.

What is the difference between a reverse and a traditional mortgage?

Both are mortgages on a property that belongs to you. Instead of paying into your home every month with a traditional mortgage, you pull money out with a reverse mortgage and repay the loan when you exit the house. These funds can come as a lump sum, installments, line of credit, or in a combination of these options. While the loan balance accrues interest over time, you are not required to make monthly mortgage payments on the loan as long as you live in the home.

Reverse Purchase

Here’s how the reverse for purchase works:

 What is a reverse mortgage, and how do I use it to purchase a home? A reverse mortgage is a loan that converts your home equity into cash. The unique benefit of this loan is you don’t need to pay it back month after month. You can use a reverse mortgage to purchase a new primary residence when you find that your existing home no longer fits your needs or you want to move to a more desirable retirement location. Unlike when you purchase a new home with a traditional mortgage, buying a home with a reverse mortgage does not require monthly mortgage payments.

Purchasing notes:

  • Choose a home that is the right size for your retirement lifestyle
  • Put a portion of the new home’s sale price toward the reverse mortgage loan— the reverse mortgage will finance the remaining balance, and if you are selling your previous home, you may even have cash left over
  • Live in your new home without the burden of a monthly mortgage payment
  • Continue to maintain the home and pay typical homeowner fees, taxes, and insurance
  • The loan does not have to be repaid until the last borrower leaves the home.

Reverse Jumbo “HomeSafe”

Flexible HomeSafe options to fit your unique retirement. Whether you are looking for the maximum payout, a line of credit, the lowest interest rate, flexible ways to access your payments, or even the ability to boost your purchasing power, the HomeSafe suite offers various options to support your needs.

HomeSafe Product Types

  1. HomeSafe Standard

Fixed-rate best for those looking for low-cost or max proceeds. The product structure can show the lowest available rate, maximum lender credit, or maximum principal limit. Maximize your home equity up to a 4 million dollar loan amount.

  1. HomeSafe Purchase

Relocate or right size to a new home. Allows borrowers to increase their buying power when purchasing a new home using a HomeSafe reverse mortgage, giving them the option to save money with no monthly mortgage payments.

  1. HomeSafe Select

Best for borrowers looking for a line of credit

gives borrower s the freedom and flexibility to access their funds as they wish by providing cash on hand through a line of credit with no monthly mortgage payments. Great for unexpected expenses or funding portfolio gaps in down markets.

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