REVERSE MORTGAGE / HECM

Customer Experience

At Sun West, we dedicate ourselves to providing a world-class customer experience.

Working For You

All of our loan experts are dedicated to helping you find the perfect loan for your needs and goals.

Mortgage Expertise

Our parent company Sun West has passed down nearly 40 years of experience to everyone at Sun West through excellent leadership and loan capabilities.

What is a reverse mortgage?

A reverse mortgage is a type of home equity loan that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Reverse mortgages are typically catered towards older homeowners, but they have also become a great retirement planning tool for many homeowners. This type of mortgage does not need to be repaid until the borrower passes away, sells the home, or permanently moves out. Borrower must maintain the house and pay property taxes and homeowners insurance.

Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage insured by FHA.

How do reverse mortgages work?

Unlike a traditional mortgage that borrowers pay back each month, a reverse mortgage makes payments to borrowers. Borrowers can get these payments in a lump sum, as regular monthly payments, as a line of credit, or as a combination of monthly payments with a line of credit.  There are several factors that determine the amount of funds you can receive from a reverse mortgage, such as your age, value of home, and interest rate.

 

Who would benefit from a reverse mortgage?

A reverse mortgage makes senses for individuals who:

  • Are age 62 and older and own a home or have small mortgages.
  • Don’t plan to move.
  • Can afford the cost of maintaining their home.
  • Want to access the equity in their home to supplement their income or have money available for a rainy day.

 

What are the advantages of Reverse Mortgage?

  • Does not require monthly payments from the borrower.
  • Proceeds can be used to pay off debt or settle unexpected expenses.
  • Funds can improve monthly cash flow.

 

However, note that Consumers with a Reverse Mortgage can lose their home if they fail to comply with the loan terms, which include, among other terms, paying property taxes, homeowners insurance and HOA dues (if applicable) in time, maintaining the property, etc.

 

Why should you choose Sun West?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in reverse mortgage / HECM loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the reverse mortgage / HECM loan process or any of our other home loan services, give our team at Sun West a call to speak to a local team member who can answer all of your home loan questions. Contact us today!

How It Works

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Step One

Use our online application to send in your request or contact our office via phone or email.

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Step Two

Once your application is complete, we’ll take a look at your family’s financial situation and home loan needs and then pair you with a list of mortgage options.

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Step Three

Review and discuss your loan options with your loan officer to make sure you choose the right loan for your needs.

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Step Four

Once your loan is chosen and your application is accepted-you are ready to close!

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Apply For a Reverse Mortgage Loan

Frequently Asked Questions

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