reverse mortgage/hecm loans

Reverse Mortgage / HECM loans



Old Couple

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 who 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.

Why should you choose LowRates?


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


For any questions about the Reverse Mortgage process or any of our other home loan services, give our team at LowRates a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!


How It Works

Step One

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


Apply Now

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.

Step Three

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




Step Four

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