American Pacific Reverse Mortgage Group

NMLS #1629852

American Pacific Reverse Mortgage Group
Tim H2(1)

Your Reverse Mortgage Specialist

Hi! I’m Tim Hemmen. With over 10 years mortgage experience, I provide borrowers with a complete consultation on whether a Reverse Mortgage is right for them. I can help you on your Reverse Mortgage journey.

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American Pacific Reverse Mortgage Group

NMLS #1629852

Equal Housing Opportunity

What is a Reverse Mortgage?

This federally insured loan is designed to help U.S. homeowners age 62 and older with their financial needs in retirement. There are basic borrower and property eligibility requirements. You may be eligible at this time based on your present age, current rate and home value.

  • It’s a loan on the equity of your home.
  • There is no principle or interest payment required.
  • It’s a non-recourse loan and does not attach itself to any other asset.
  • The title of the home remains in the borrower’s name, not the bank.
  • The loan is repaid when the borrower sells the home, moves out of the home, or passes away.
  • On the FHA HECM Loan, the required FHA Insurance protects the Homeowner, Heirs, the Estate and the Lender. At the end of the loan when the home is sold, if the value of the home is less than the value of the loan, the lender files an insurance claim with FHA for the balance due to them. No additional money is owed from the borrowers or the heirs.
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What Can I Use a Reverse Mortgage For?

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Eliminate a monthly principal and interest payment on an existing mortgage

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Get access to the equity in your home so you can extend your savings further into retirement

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Cover unexpected medical costs and family emergencies

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Home improvements or home repairs (water heater, new roof, etc.)

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Long term healthcare

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Replace lost Social Security income when a spouse passes away

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A dream vacation or motor home

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Buy a second home for rental income, or a vacation home.

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Advantages of a Reverse Mortgage?

  • An FHA Insured Reverse Mortgage is called a Home Equity Conversion Mortgage (HECM). It allows you to defer mortgage payments for the life of the loan, giving you greater monthly cash flow.
  • A HECM is a flexible money management tool that can help you preserve your savings or delay taking Social Security out until later, so you can receive a larger payout.
  • A HECM provides tax-free cash that you can use virtually any way you wish.
  • Any remaining equity in the home can be passed on to the surviving heirs after the HECM loan balance is paid off.
  • A HECM Reverse Mortgage line of credit can provide you with a lifelong financial safety net. Pay interest only on the portion you use while watching the unused portion increase in size year after year.
  • A HECM allows you to eliminate monthly mortgage payments while staying in your home. You, however, are still responsible for maintaining your home and paying your property taxes and homeowners insurance, and keeping the home of your primary residence.
  • The money from the HECM loan is paid directly to the homeowner(s) and can be used for just about anything.
  • A HECM is a special “non-recourse” loan for seniors that is insured by the U.S. Federal Housing Administration (FHA).

How Will I Receive My Money?

There are three ways to access the equity in your home:

  • Lump Sum
  • Receive a Monthly Distribution
  • Access the Line of Credit when you need it

You may select one of these pay out options, or a combination of the three. I can review these different options with you and help you decide which one is best for you.

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How Do You Qualify for a Reverse Mortgage?

  • You must be at least 62 years old.
  • You must own your home or be buying one.
  • The home must be, and remain, your primary residence.
  • You must pass a financial assessment. (income and credit standards.)
  • You must take a counseling session with an independent, FHA approved, counselor.

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