A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a home loan only for senior homeowners age 62+. It gives senior homeowners the option to have no mortgage payments entirely and to access their hard-earned home equity now, without new monthly payments. Use a reverse mortgage to refinance a current mortgage, create a new one without a new monthly payment if you own your home free and clear, or use one to purchase a new home - even for jumbo loans for homes valued up to $10,000,000.
Remain in your own home with no house payments as long as the borrower(s) or a surviving spouse lives in the home or until you sell it. Access your equity - tax-free: take funds in a lump sum, a line of credit, or in structured monthly payments. Use your equity for literally any purpose at all: supplement your income, pay for healthcare, buy a new car, make home improvements, invest it, or.
You name it. It's your money, so you can do anything you want to do with it!. Rick May is the father of three grown children, granddad to two, and enjoys being outdoors and spending quality time with family and friends.
Remain in your own home with no house payments as long as the borrower(s) or a surviving spouse lives in the home or until you sell it. Access your equity - tax-free: take funds in a lump sum, a line of credit, or in structured monthly payments. Use your equity for literally any purpose at all: supplement your income, pay for healthcare, buy a new car, make home improvements, invest it, or.
You name it. It's your money, so you can do anything you want to do with it!. Rick May is the father of three grown children, granddad to two, and enjoys being outdoors and spending quality time with family and friends.
Services
Rick is a native of Northern California and lived in Sonoma County for 33 years.
The pacific northwest has always been a place he loved, especially Portland Oregon and Vancouver Washington.
He is the father of 3 grown children, and enjoys being outdoors and spending quality time with family and friends.
Pictured here are Rick and his two grandsons.
Rick got his start in the Mortgage Industry in 1984 and has worked with thousands of home buyers and homeowners all throughout northern California, and over the past few years the Portland and Vancouver metro areas.
The pacific northwest has always been a place he loved, especially Portland Oregon and Vancouver Washington.
He is the father of 3 grown children, and enjoys being outdoors and spending quality time with family and friends.
Pictured here are Rick and his two grandsons.
Rick got his start in the Mortgage Industry in 1984 and has worked with thousands of home buyers and homeowners all throughout northern California, and over the past few years the Portland and Vancouver metro areas.
Rick May, Reverse Mortgage Specialist at Mutual of Omaha, is dedicated to helping senior homeowners navigate the reverse mortgage process with ease and satisfaction.
His goal is to help you enjoy a more comfortable retirement without monthly mortgage payments and with more money available for any purpose.
In the Learning Center and Rick's straightforward one-minute video explanations, you'll find the latest reverse mortgage information.
His goal is to help you enjoy a more comfortable retirement without monthly mortgage payments and with more money available for any purpose.
In the Learning Center and Rick's straightforward one-minute video explanations, you'll find the latest reverse mortgage information.
Rick will help you with the usual application and order the appraisal to determine the market value of your home.
Almost any owner-occupied residence, including FHA-approved condos, as long as the owner occupies a unit.
Mobile or manufactured homes not on a permanent foundation are not eligible.
The loan becomes due and payable when both borrowers or a borrower and surviving spouse no longer live in the home.
Watch the video at right for details.
If both have passed on, heirs will have 12 months to sell the house and pay off the mortgage or refinance it with a conventional mortgage to keep it.
Almost any owner-occupied residence, including FHA-approved condos, as long as the owner occupies a unit.
Mobile or manufactured homes not on a permanent foundation are not eligible.
The loan becomes due and payable when both borrowers or a borrower and surviving spouse no longer live in the home.
Watch the video at right for details.
If both have passed on, heirs will have 12 months to sell the house and pay off the mortgage or refinance it with a conventional mortgage to keep it.
A: This is without a doubt the number one misconception.
No, the bank never owns your home.
You remain the owner of your home and can stay as long as you wish.
As the homeowner, you must continue to pay property taxes, home insurance, and continue with basic home maintenance during the loan period - that's it.
When the home is sold, the loan is repaid (including accrued interest and any fees) all remaining equity goes to you or your heirs.
A: The loan becomes due and payable when both borrowers or a borrower and surviving spouse no longer live in the home due to having passed on or because they have moved to long-term care and have vacated the home for over 12 months.
No, the bank never owns your home.
You remain the owner of your home and can stay as long as you wish.
As the homeowner, you must continue to pay property taxes, home insurance, and continue with basic home maintenance during the loan period - that's it.
When the home is sold, the loan is repaid (including accrued interest and any fees) all remaining equity goes to you or your heirs.
A: The loan becomes due and payable when both borrowers or a borrower and surviving spouse no longer live in the home due to having passed on or because they have moved to long-term care and have vacated the home for over 12 months.
More and more mature Americans are exploring reverse mortgages these days.
For homeowners ages 62 and up, a reverse mortgage can be an excellent way to improve your cash flow to help cover expenses or improve your quality of life.
Over the years we have found that it's easy for people to get confused about reverse mortgages.
Below are a few of the common misconceptions, along with a brief explanation about what is actually true.
FALSE: The lending institution actually owns the house in a reverse mortgage arrangement.
For homeowners ages 62 and up, a reverse mortgage can be an excellent way to improve your cash flow to help cover expenses or improve your quality of life.
Over the years we have found that it's easy for people to get confused about reverse mortgages.
Below are a few of the common misconceptions, along with a brief explanation about what is actually true.
FALSE: The lending institution actually owns the house in a reverse mortgage arrangement.
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