Reverse Mortgages

Klondike Mortgage offers FHA reverse mortgages for our clients. The HECM (Home Equity Conversion Mortgage) has been backed by FHA for some time now. This FHA insured program will provide you with cash either in a lump sum or monthly payments from the determined equity of your home.

We are proud to provide our clients with the safest reverse mortgage available. FHA insures the mortgage with terms that the borrower stays in their home until you move and sell the property or upon death.

Reverse Mortgage Details

You must be at least 62 years old, the home must be your primary residence and the home is paid off or can be paid off with proceeds of the new reverse mortgage. The amount you can borrow is based on the lesser of the home’s value or FHA geographic loan limits, age of the borrower and current interest rates.

Before taking out a reverse mortgage, you must participant in FHA counseling session on reverse mortgages. We can help guide you to a counselor in our area.

It is important that you understand how a reverse mortgage works, since it is different from the standard mortgages you are familiar with.

Calculate Your Monthly Income

Click Here to estimate your new monthly income using our online Reverse Mortgage Calculator.

For more information on how a reverse mortgage can benefit your life or to apply for a reverse mortgage, please call Klondike Mortgage today.