Streamline Home Loans offers reverse mortgages tailored for homeowners aged 62 and above, allowing them to convert a portion of their home equity into tax-free income.
Eliminates the need for monthly payments, providing retirees with an alternative income stream
Preserves homeownership, granting seniors financial flexibility without selling their property
Allows flexible payment options—lump sum, monthly installments, or a line of credit—providing adaptable solutions for diverse financial needs
MORTGAGES IN U.S.
AVERAGE AGE FOR OBTAINING
A REVERSE MORTGAGE
REVERSE MORTGAGE LIMIT
A reverse mortgage offers an attractive choice for seniors seeking supplementary income during retirement while retaining homeownership.
Who You Work With Matters!
We understand how complex and demanding the mortgage process can be. Our loan process is true to our name...Streamlined and simple. From the very first meeting, we encourage our team members to be thorough and detailed when assisting customers, to take as long as it takes, as many times as it takes, to make sure every client has the answers they need.
Our company specializes in product variety, experienced teams, sophisticated software, and quick closings. Let's see how we can Streamline your mortgage!
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a loan that allows homeowners aged 62 and older to convert a portion of their home equity into cash, without the need to sell their home.
How much money can I get from a reverse mortgage?
The amount is determined by factors like the borrower's age, home value, interest rates, and the chosen payout option.
What happens if the loan balance exceeds the home value?
With a government-insured reverse mortgage, the borrower or their heirs will not be responsible for paying the excess if the loan balance surpasses the home value.
How do I qualify for a reverse mortgage?
Qualification is based on factors such as age, home equity, and the value of the home. Credit score and income are generally not primary considerations.
Can I outlive my reverse mortgage?
No, as long as you continue to live in the home as your primary residence, you cannot outlive a reverse mortgage.
How does the interest on a reverse mortgage work?
Interest accrues on the loan balance over time, but the borrower is not required to make monthly interest payments.
What are the repayment terms?
Repayment is typically not required until the last borrower permanently leaves the home. The loan is then repaid through the sale of the home.
Will I still own my home with a reverse mortgage?
Yes, homeownership remains with you. The lender only gains ownership if you no longer live in the home.
Can I lose my home with a reverse mortgage?
As long as you continue to meet the loan obligations, such as paying property taxes and homeowners insurance, you cannot lose your home due to a reverse mortgage.