Common Questions

Working through the reverse mortgage process can be a confusing and tiring process! We’ve compiled a list of some of the most common questions to bring you clarity and peace of mind while you decide if MortgageRewind.com is the right lender for you.

General Reverse Mortgage FAQs:

Who can qualify?

Reverse mortgages are only available for senior citizens that are 62 years of age or older. To qualify for a reverse mortgage, borrowers must: - Have HECM approved counseling - Use the property as their primary residence - Be able to afford other costs such as property taxes

Will I still own my home?

Yes. Getting a reverse mortgage will allow you to maintain ownership of your home.

When do I have to pay back the Reverse Mortgage?

A reverse mortgage will not need to be repaid until the owner no longer uses the home as their primary residence or fails to stay up-to-date on taxes and insurance. In the event of death, the homeowner’s heirs will be tasked with choosing to keep or sell the property.

Can I use a Reverse Mortgage to purchase a new home?

Yes, a reverse mortgage for purchase is an option for qualified borrowers. Borrowers can purchase a new home under the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program. This type of transaction will provide the borrower with a fixed-rate, lump-sum loan that’s applied to the purchase of the new home.

How much money can I get?

The amount you’re allowed to borrow is determined by the borrowers Principal Limit Factor (PLF). The maximum loan amount is the value of your property, or $679,650, whichever is lower.

(https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx)

Will my credit be affected?

No, your credit will not be negatively affected with a reverse mortgage. That’s because a reverse mortgage isn’t a traditional loan in the sense that the borrower is making monthly payments to a creditor. The mortgagee owns the property at all times.

What are MortgageRewind’s pricing and fees?

Our rates change daily. For the most accurate pricing, please complete our application or speak directly with a licensed loan officer by dialing +1 (800) 674 - 7774. We are an equal housing lender working daily to provide a fair lending experience to each, and every customer. These include fees, which are subject to change.

MortgageRewind.com FAQs

Why choose MortgageRewind.com?

As a fully accredited business with the BBB, we strive to help our customers find the best loan solution to fit their unique borrowing needs. Our staff are fully licensed in the state of Colorado (and more to come!) to work through the mortgage process with you. Our simplified lending process makes it easy for our site users to upload their documents and get the funding they need as fast as possible.

Is MortgageRewind.com a direct lender?

MortgageRewind.com is not a direct lender. We only work with the most trusted financial institutions, which are heavily evaluated to ensure excellent business practices and ethics. By being a broker, we are able to ensure our customers receive with the best loan product across the entire lending marketplace.

Is MortgageRewind.com available in all states?

MortgageRewind.com is currently only available in the state of Colorado. We hope to expand our reach to all 50 states by the end of 2018.

What types of mortgages are offered?

We offer loans for just about every mortgage type available, including but not limited to: - Reverse mortgage - Home Equity Lines of Credit (HELOC) - Home Equity Conversion Mortgage (HECM) - Refinance - Traditional (for purchase)

Do you offer HELOCs?

Yes, we offer Home Equity Lines of Credit (HELOC) for qualified borrowers. Please visit our website to learn more.

What properties do you finance?

We offer financing for residential properties only, up to four unit properties.