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Reverse Mortgages

What is a Reverse Mortgage?Federally Insured Reverse Mortgages for Seniors allow Senior Home Owners to unlock the equity in their homes to provide needed financial security. You control where and how you live during your golden years. Many seniors make bad decisions and sell their homes because of money. Don't do that.

A federally insured Reverse Mortgage will unlock the equity in your home for you to use any way you need, with NO MONTHLY PAYMENTS EVER! Why on earth would you want to sell or move into some smaller housing when a great alternative like our federally insured HECM is here for you?

Since 1989, over 700,000 seniors have benefited from these plans. In 2013 alone we expect to see at least 150,000 more seniors take advantage of a Reverse Mortgage.

These plans allow you to access money your home hasn't "earned" yet. You get present cash benefit for future appreciation. And, best of all, you get the cash you need without the burden of a monthly payment. That's right - NO MONTHLY PAYMENTS!

The plans are designed to leave equity for your heirs. They make your home almost foreclosure proof. You never have to worry about where your money's coming from, because the federal government insures your mortgage and if anything happens to your lender,

HUD steps in and keeps the cash flowing.

That does NOT happen with any other mortgage we know of. With a federally insured Reverse Mortgage from Liberty Mortgage Lenders, you are SAFE....SAFE.....SAFE in the home you love for as long as YOU choose to remain there. With NO MONTHLY PAYMENTS to make, EVER! Peace of mind for life! Take a few minutes right now to look at the links to the pages on the left; they will give you even more information on how a Reverse Mortgage with Liberty Mortgage Lenders, can give you a life without mortgage payments or financial worries!

Looking Closer at Reverse MortgagesQualifying for a Reverse Mortgage is simple. There is no risk to you and no obligation on your part. You need to be 62 or older, live in your own home, and have a desire to stay there! Most homes or a few condos will qualify, as long as it is your principal residence.

Our Senior-friendly process will tell you how much money is available to you to use any way you wish. You can use the money for anything you want to and you never have to make any monthly payments. You could buy a new car, put a new roof on your house, fix the air conditioner; you name it. You could even choose to invest in other financial services making your retirement more comfortable. What you do with your money is up to you. Our plans are federally insured and the concept of a Reverse Mortgage is endorsed by the AARP, NRMLA, and FHA. This is the most regulated part of the Mortgage Industry. You can be confident that you are entering into a safe and secure relationship.

Will my House qualify for a Reverse Mortgage? Many times seniors consider a Reverse Mortgage as a viable way of increasing their retirement cash flow, but sit and wonder if their property will qualify. While they sit and "wonder", rates are fluctuating and in some cases moving against their interests.

By "interests" I mean the amount of cash benefits they might derive from a Reverse Mortgage. Usually, in the case of a Reverse Mortgage, if the interest rate climate is one of increasing rates, waiting is NOT in the senior's best interest. There are four or five classes of property that qualify for a reverse mortgage.

  • Single Family Detached Homes
  • Single Family Attached Homes (condos and townhouses)
  • Duplexes, Triplexes, and quads where one unit is owner occupied
  • Manufactured housing built after 1976, to HUD standards WITH a HUD medallion on it, permanently tied to the ground, double wide, and able to pass a heightened scrutiny type of inspection.
  • Manufactured Homes
  • Co-ops coming soon.

In all cases, the senior must occupy the home as their primary residence. For further details, please contact Charlie Kluck at 305.588.2693.

HECM for Purchase Reverse Mortgage Using a HECM Reverse Mortgage, a senior may buy a new principal residence with far less up front cash than a typical "free and clear" purchase. Once you have completed the purchase there are no monthly payments to make for as long as you live in your home. The amount of money you will need to bring to closing will depend on the home purchase price, the lending limit, your age, and today's interest rate climate. Contact Charlie Kluck for details.

01 Reverse Mortgage Application

The Reverse Mortgage application process can be complicated, but with Value Financial, we make it simple. Start by filling out the application right on this site. It only takes a minute of two and you are on your way.

02 Reverse Mortgage Counseling

Government Sponsored and Regulated Reverse Mortgage Counseling is there to protect the consumer. Every Reverse Mortgage applicant must be counseled by a trained Reverse Mortgage Counselor.

03 FHA Appraisal of your Property

After completing counseling, you move onto the appraisal of your property. An independent appraiser will inspect your home and compare it to other recent sales in your neighborhood. After a thorough analysis, they make a professional opinion of your home's current value.

04 Closing and Funding

Once your Appraisal is done, we finish your file in our office, processing and underwriting it for accuracy to the FHA and HUD guidelines. Once we have determined that everything is in order, we issue a "clear to close". Closing is a 1 hour process in the place of your choosing. We fund your Reverse Mortgage after the mandatory 3 day waiting period known as a "recession period". The recession period provides a 3 day period where you can decide to cancel your Reverse Mortgage by notifying the lender by registered mail.

05 Peace Of Mind!

After your Reverse Mortgage has funded you will have new peace of mind that you may have never experienced before. Studies have shown that a Reverse Mortgage actually increases the lifespan of the average person due to lower stress levels.


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Explanation of Reverse Mortgage Calculation

Available Loan - Mortgages and Liens
This is the cash available to you after paying off your mortgages or liens (if applicable).

Upfront Lump Sum
This is getting your benefits as one lump sum at closing.

or Line of Credit
Using the line of credit you can use your Reverse Mortgage Benefits on your terms.

or Monthly Income
Using the Monthly Payments method you can use your Reverse Mortgage Benefits as a way to receive monthly cash flow to improve your retirement on a daily basis.

How does the Reverse Mortgage Calculator work?

The Reverse Mortgage Calculator uses four main components when calculating how much money someone qualifies for.

  1. Your Age is VERY Important: The age of a person is one of the most crucial parts of your Reverse Mortgage Calculation.

    At the age of 62 you will qualify for between 50-65% of your home's value. At the age of 90 you qualify for between 80-90% of your home's value. The older you are the more money you will qualify for in a Reverse Mortgage Calculation.

    It is also important to look at both the borrower's ages because the calculation is based off the youngest borrower. For example: if John and Sally Smith are getting a Reverse Mortgage and John is 95 and Sally is 65, the Reverse Mortgage Calculator would go off of Sally's age, not John's. You could remove Sally from the Reverse Mortgage, but if John died Sally would have to pay back the Reverse Mortgage or move sell the home.

    Because John was so old, he would have qualified for a lot of money than his spouse, Sally. It would be unlikely that Sally would be able to qualify for enough to pay back John's Reverse Mortgage. She would have to refinance into a conventional mortgage or sell the home. It is almost always better to have both, Husband and Wife, on the Reverse Mortgage unless absolutely necessary (some foreclosures would be an example of necessary).

  2. Home Value Determined by FHA Appraisal: Your home value is extremely important when using the Reverse Mortgage Calculator. The amount you qualify for is a percentage of your home's overall appraised value.

    For example, if your home is worth $200,000 and you are 70 years old. You may qualify for around 65% of your home's value. 65% of your $200,000 home value is $130,000 in Reverse Mortgage Benefits. This is a very rough example and these are not real numbers, but it helps you understand how your home's value plays a role in your Reverse Mortgage calculation.

  3. Interest Rate Climate: The Expected Rate of your Reverse Mortgage plays a powerful role in how much money you get from the Reverse Mortgage Calculator. The lower the rate, the more money you will get. After the rate reaches 5.56% benefits are maxed out and there is no more the Expected Rate can do for you to increase benefits.

  4. Product Choice: There are many HECM products on the market today and they are not created equal. After you perform your initial Reverse Mortgage Calculation, you will understand. Value Financials HECM FIXED offers thousands more than some of the other HECM's out there today. Make sure you check out all your options.

Reverse Mortgage Calculation provided by ReverseVision