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Loan Programs
Reverse Mortgage
A reverse mortgage is a type of loan available to homeowners who are typically 62 years of age or older. It allows homeowners to convert a portion of the equity in their home into cash while still retaining ownership of the home. Unlike traditional mortgages, where borrowers make monthly payments to a lender, with a reverse mortgage, the lender makes payments to the borrower, either in a lump sum, a line of credit, or monthly payments. Reverse mortgages can provide financial flexibility for older homeowners who have significant equity in their homes and need additional income in retirement.
Eligibility
To qualify for a reverse mortgage, homeowners must typically be 62 years of age or older and have significant equity in their home. The home must also be the borrower's primary residence.
Loan Repayment
Unlike traditional mortgages, where borrowers make monthly payments to pay off the loan, with a reverse mortgage, borrowers do not need to make any payments as long as they continue to live in the home. The loan is typically repaid when the borrower sells the home, moves out permanently, or passes away.
Type of Payments
Reverse mortgages offer different payment options, including a lump sum payment, a line of credit that can be drawn upon as needed, or monthly payments for a specified term or for as long as the borrower lives in the home.
Loan Amount
The amount of money that homeowners can borrow with a reverse mortgage depends on factors such as the borrower's age, the appraised value of the home, and current interest rates. Generally, the older the borrower and the more valuable the home, the higher the loan amount.
Ownership and Responsibilities
With a reverse mortgage, homeowners retain ownership of their home and are responsible for paying property taxes, homeowners’ insurance, and maintenance costs. Failure to meet these obligations could result in defaulting on the loan.
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NMLS #2051275
• www.nmlsconsumeraccess.org

• Licensed by:
o District of Columbia Department of Insurance, Securities & Banking #MLB 2051275
o Florida Office of Financial Regulation #MBR4894
o Maryland Office of Financial Regulation #2051275
o Virginia Bureau of Financial Institutions #MC-7155
• 4Ever Lending USA LLC arranges loans with third-party providers, does not make any mortgage loan commitments or fund any mortgage loans.
• For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.

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