That depends. Are you 62 or older? If so, then yes! There may be options for homeowners 60 and 61 as well. Though a spouse who is not 62 would not be eligible for the reverse mortgage they may be able to remain in the home under the same requirements as the borrowing spouse.

Single-Family Residences, Townhomes, Multi-Family Residences, Condominiums and Manufactured homes are all potentially eligible for FHA financing so long as specific criteria is met. Ultimately an FHA appraisal would confirm all criteria is met.

Absolutely! The reverse mortgage for purchase product was created in 2009. An eligible candidate can now apply their reverse mortgage eligibility towards the purchase of a new home. The borrower would combine their downpayment with the reverse mortgage contribution to match the purchase price of the home.

Yes. This is one of the most important requirements of the reverse mortgage. A homeowner is not required to pay principal or interest for the life of the loan, but the property taxes, homeowners insurance and HOA fees if applicable must be paid on time each month (or when property taxes are due).

The reverse mortgage is a non-recourse loan and so long as the homeowner obligations are met, the loan will remain in place until the last surviving borrower departs the home regardless of home value or loan amount.

All reverse mortgage applicants are required to complete a counseling session with a HUD approved reverse mortgage counselor. This must be done during or prior to the application process and before the appraisal is ordered.

A bankruptcy does not disqualify a homeowner from the reverse mortgage program. There are different requirements for the time elapsed since discharge of the bankruptcy depending on the type of bankruptcy, but it may be possible to obtain an exception for a more recent bankruptcy as well.

In 2015, the FHA introduced requirements to verify that a homeowner meet a minimum income threshold to maintain the financial obligations of the reverse mortgage. The amount varies by household size and by region.

The home does not need to be paid off to obtain a reverse mortgage. Most reverse mortgage holders payoff a mortgage balance when they obtain the loan. We just need to make sure we have enough proceeds available to payoff the existing mortgage. Any additional proceeds would be available to the borrower.

As already mentioned, you may obtain a reverse mortgage on a multi-family property. You must occupy at least one unit as your primary residence and yes, the other units can be rented.

Also mentioned earlier, a manufactured home may be eligible for reverse mortgage financing so long as the home meets HUD guidelines and the homeowner owns the land.

Rick R. Rodriguez

Rick R. Rodriguez

Rick R. Rodriguez has been in mortgage sales and management since 2003 and has held positions as loan originator, sales manager, production manager, and branch manager. He is well-versed in all types of mortgage products, and over his career, he has been recognized as an accomplished and trusted professional.

In 2004, after completing his first reverse mortgage transaction, Rick took the steps to focus primarily on this kind of loans and become a specialist in the industry. In February 2016, he became the first person in Southern Nevada and the 117th in the nation to obtain the designation of Certified Reverse Mortgage Professional (CRMP®).

As a CRMP®, Rick has extensive experience in all available reverse mortgage products, including the Home Equity Conversion Mortgage (HECM) refinance, HECM to HECM refinance, HECM for purchase and jumbo reverse mortgage. His clients benefit from his financial qualifications, meticulousness, effective communication skills, and years of experience working with reverse mortgages. He has the proven ability to explain the reverse mortgage to help others understand the process.

Pushed by his passion for reverse mortgages and his commitment to the industry, Rick spends his time working with homeowners, realtors, healthcare professionals, and various other individuals and organizations to lay out the role reverse mortgages have in real estate and retirement planning.

“A reverse mortgage should be, at the very least, considered by every homeowner over the age of 62. The flexibility that this program offers can be life-changing as well as an effective counterpart to retirement planning. I always welcome the opportunity to speak with clients about a reverse mortgage, and to help them determine if it may be the right option to meet their financial and housing needs.”

Rick is a Las Vegas native, and he holds a BSBA in Accounting from the University of Nevada Las Vegas. After graduating college, he worked for a local Certified Public Accounting firm before moving into the mortgage industry. He enjoys spending time with his loved ones, traveling, exploring the outdoors, playing various sports, and above all helping his wife raise their family.

Jesse Brewer

Jesse A. Brewer

Jesse A. Brewer (NMLS# 473359) is a veteran professional in the industry with extensive background in reverse mortgage origination, sales management, and production center management. He currently specializes in reverse mortgage origination at Resolute Bank working directly with homeowners, real estate professionals, financial specialists and healthcare providers to inform them of this type of loan’s flexibility and practical applications—helping homeowners improve their retirement economic outlook.

Jesse began his career in 2001 with a mid-sized Boston-area bank, before moving to Las Vegas in 2006 to focus on mortgage origination. In 2008, he joined a local reverse mortgage lender, where he became, in two years, the top-producing reverse mortgage loan officer.

Jesse then moved into sales management, a role which he held for several years, before becoming vice president, national sales manager, and reverse mortgage division head running Proficio Mortgage Ventures, LLC, based in Henderson, NV. As division head, Jesse used his innate leadership and team-building expertise to propel a small sales team into a national production center in the bank’s reverse mortgage division.

Jesse is dedicated to making the industry approachable by being an active speaker, educator, and relationship builder within the banking and mortgage community. Clients compliment his ability to simplify the reverse mortgage process with solutions that lead to life-changing outcomes.

“The reverse mortgage is a powerful financial tool that should be evaluated by anyone considering retirement options. I always look forward to helping clients understand the flexibility of the program and how it can be utilized to provide for a more comfortable standard of living through retirement.”

Jesse holds a degree in Business Administration Management from Massachusetts Fitchburg State University. He enjoys sports and outdoor activities with his wife, Virginia. He played football at FSC followed by playing rugby for over a decade, that included winning a National Championship in 2010.

 

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