Reverse mortgage plus
Hello and welcome to Reverse Mortgage Plus! My name is Cass Hania, NMLS #186281, with C2 Financial.
With over 12 years of dedicated experience in the mortgage industry, I specialize in Reverse Mortgages and DSCR Investor Loans. My goal is to provide personalized guidance and help each client find a financing solution that fits their unique needs.
What Is a Reverse Mortgage?
A reverse mortgage allows eligible homeowners to access a portion of their home equity without the monthly principal and interest payments typically required with a traditional mortgage.
The amount available can depend on factors such as age, home value, existing mortgage obligations, current interest rates, and the specific reverse mortgage program.
A reverse mortgage is still a loan. Interest and applicable fees are generally added to the loan balance over time, and homeowners remain responsible for meeting the terms of the loan. This can include keeping property taxes and homeowners insurance current, paying applicable property charges, and maintaining the home.
Financial Freedom in Retirement
Why Consider a Reverse Mortgage?
Homeowners explore reverse mortgages for many reasons. Some want greater financial flexibility during retirement, while others may be considering how their home equity could help with an existing mortgage, home improvements, or other financial needs.
The important question isn’t simply whether you qualify. It’s whether the loan fits your goals and longer-term plans.
We can start with what you’re hoping to accomplish and discuss the factors you should consider before moving forward.
How Can Reverse Mortgage
Funds Be Used?
Depending on the loan program and your situation, reverse mortgage proceeds may provide flexibility for a variety of financial needs. Rather than starting with how you could use the funds, I prefer to look at your goals first. From there, we can discuss the available structure and whether accessing your home equity makes sense for what you’re trying to accomplish.
Pay Off Existing Debt
Eliminate traditional monthly mortgage payments by paying off your forward lien at closing.
Home Renovations
Fund aging-in-place remodeling, accessibility updates, or needed repairs without tapping savings.
Standby Line of Credit
Establish an undrawn line of credit that grows over time regardless of housing market fluctuations.
Healthcare & Living Costs
Supplement retirement cash flow or prepare for unexpected in-home healthcare expenses.
Common Questions
Frequently Asked Questions
Do I still own my home with a reverse mortgage?
Generally, yes. A reverse mortgage is a loan secured by your home; it does not mean giving ownership of your home to the lender. You remain responsible for meeting the loan terms, including applicable property taxes, insurance, property charges, and maintenance requirements.
Do I make monthly mortgage payments with a reverse mortgage?
Reverse mortgages generally do not require monthly principal and interest payments while the loan remains in good standing. Borrowers must still meet other loan obligations, including applicable taxes, insurance, and property-related requirements.
How much money can I receive from a reverse mortgage?
The amount available depends on several factors, which may include age, property value, existing mortgage obligations, interest rates, and the reverse mortgage program. I can review the factors that apply to your situation.
Can I get a reverse mortgage if I still have a mortgage?
Having an existing mortgage does not necessarily prevent you from qualifying. Existing liens generally need to be addressed as part of the reverse mortgage transaction. The amount owed and available proceeds can affect what options may be possible.
What Should You Consider Before Moving Forward?
A reverse mortgage can provide flexibility, but it also comes with responsibilities. The loan balance generally increases as interest and applicable charges accrue. You continue to own your home, but you must meet the terms of the loan, including applicable property tax, insurance, property charge, and maintenance requirements.
The loan may also become due and payable when certain conditions occur, such as when the last eligible borrower permanently leaves the home, subject to the terms of the loan.
These details are important. I’ll walk you through them and give you the opportunity to ask questions before you make a decision.
Let’s Talk About Your Home Equity
You don’t need to decide whether a reverse mortgage is right for you before reaching out. If you’re curious about your home equity or have questions about how a reverse mortgage works, let’s talk through your situation.