Reverse Mortgage Lender
Welcome to Capital Home Mortgage. Where our goal is simple, to provide seniors access to every Reverse Mortgage product available while providing sound financial advice of the pros and cons to each of the Reverse Home Loans. We understand that considering a reverse mortgage is an important decision for seniors and that is why Capital Home Mortgage provides dedicated points of contact throughout the reverse mortgage process to ensure that every question is answered and that you have the same representative to walk you through the process. This assures outstanding customer service and provides a stress-free experience. Capital Home Mortgage is a direct Reverse Mortgage Lender that offers seniors both refinance and purchase reverse mortgagees, while managing the entire lending process from beginning to end. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings. Rest assured we have complete control over everything from the application to the funding.
Thank you for the opportunity to earn your business. Call today (800) 804-5181 to talk begin the process or to one of our Reverse Loan Specialists.
Reverse Home Mortgages
To qualify for a reverse mortgage in, homeowners must be at least 62 years old and own their home outright or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage. The property used for the reverse mortgage must be the primary residence of the borrower and meet certain criteria set by the Federal Housing Administration (FHA), such as being a single-family home, a one-to-four unit dwelling, or an approved condominium or manufactured home.
Before obtaining a reverse mortgage in, borrowers are required to undergo counseling from a HUD-approved counselor. This counseling session aims to ensure that borrowers fully understand the implications and obligations of a reverse mortgage. Reverse mortgage loan limits are subject to change and are determined by factors such as the borrower’s age, the home’s appraised value, and current interest rates.
One of the unique aspects of a reverse mortgage is that repayment is typically not required until the borrower no longer occupies the home as their primary residence. At that point, the loan becomes due, and the borrower or their heirs must repay the loan amount, usually by selling the home, or refinancing it.
HUD has regulations in place to protect borrowers who obtain reverse mortgages. These regulations may include requirements for lenders to provide clear and accurate information about the terms of the loan, as well as provisions for counseling and other safeguards.
Interest rates and fees associated with reverse mortgages may vary depending on the type of Reverse Mortgage and the specific terms of the loan.
It’s important for anyone considering a reverse mortgage in to thoroughly research their options, understand the terms and requirements of the loan, and consult with a financial advisor or Reverse Specialist to ensure it’s the right choice for their financial situation.
Additionally, borrowers should be aware of any potential implications for their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).
Reverse Mortgages
Retirement life can be challenging, and when you reach the age of seniority or 62 years old, you’ll potentially have the most extended holiday of your life. You’ll say goodbye to going to work on Mondays and miss the fun of leaving work on Fridays. After all, you’re retired. However, retirement also means that you have limited sources of income. While you may have insurance, pensions, and investments, they can be inadequate. The good news is you can access additional financing through a Reverse Mortgage.
A Reverse Mortgage is a home mortgage program where the borrower gives up the equity in their home in exchange for a fixed amount of cash against the equity in their home. The critical factor here is that the borrower owns and occupies the property as a primary residence. Reverse mortgages provide qualified senior citizens with a steady stream of additional cash flow during retirement.
This mortgage program is a great way to realize the value of your investment. Homes are still investments, and most people don’t enjoy their value because they can’t sell them. With reverse mortgages, you can borrow against the value of your home, receive money from the mortgage, and get to keep staying in your home. The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.
Capital Home Mortgage offers reverse mortgages. Call (800) 804-5181 to speak with our Reverse Specialists and discover if a reverse is right for you.
REverse Home Loans
- Purchase & Refinance
- Primary Only
- 62 Years or Older
- Required Hud Counseling
- Homeowners Insurance Required
- Must Continue to Pay Taxes
- Meet Required Equity Values
HOME EQUITY CONVERSION Mortgages
A Home Equity Conversion Mortgage is the most prevalent reverse mortgage type because it has no restrictions. In other words, you get to use the money in any way you want enabling seniors to access a portion of their home’s equity. The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both. A HECM can also be used to purchase the borrower’s primary residence as well. The HECM is insured and regulated by the U.S. Department of Housing and Urban Development (HUD), and under is under the division of the Federal Housing Administration (FHA).
Advantages of a HECM
- No credit score requirements
- Tax-exempt
- No monthly loan payments are due. Owner Still Responsible for Property Taxes, Insurance, Property Related Charges
- Lenient income requirements
- The ability to obtain funds based on their home equity
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc
Dis-Advantages of a HECM
- Property must be their primary residence for most of the year
- Must repay the HECM if they sell the home or relocate
Proprietary Reverse Mortgage
A Proprietary Reverse Mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum. It enables the homeowner to access the equity in their house and utilize the funds for any purpose. However, they are not regulated; therefore, the loan terms might vary significantly between lenders.
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
Single Purpose Reverse Mortgage
The Single-Purpose Reverse Mortgage is a government or non-profit-backed option for accessing home equity for a particular purpose. A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.
Advantages of a Single-Purpose Reverse Mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement
Disadvantages of Single-Purpose Reverse Mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved and written into the loan. This limits how the funds can be used.
Why HomeBuyers Are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Low Fees
Exceptional Service
7 Day a Week Support Application to Final Payment
reverse Home Mortgage Rates
Have you ever wondered why interests rates are what they are and what determines the final rate? Why borrowers receive different interest rates? Or why rates go up and down? Interest Rates are calculated using several factors.
- Demand for Mortgage Securities
- Property Securing the Mortgage
- Occupancy of the Property
- Loan to Value of the Property
- Borrower’s Credit Worthiness
Capital Home Mortgage Company Reviews
Home Mortgage Programs
Home Purchase loans
Looking to Purchase a Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Renovation Home Loans
Looking to Rehab a Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
FHA Home loans
Great 1st Time Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
va Home Loans
100% Financing for Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Conventional Home loans
Flexibility for Homebuyers
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Terms
- Renovation Programs Available
Jumbo Home Loans
Non-Conforming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
USDA Home loans
100% Rural Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Native american Home Loans
Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Manufactured Home loans
Great Alternative Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Reverse Mortgage Loans
Your Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Non QM Home loans
Making Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
One Time Close Home Loans
Build Your Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Refinance Mortgage loans
Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Cashout Mortgage Loans
Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education
