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START YOUR REVERSE MORTGAGE JOURNEY

73% of adults rank finances as the largest source of stress in their lives. With a reverse mortgage, you can use your home equity to reduce financial stress and build a brighter future.

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Thinking of moving to a new location?
A Reverse Mortgage for Purchase may be right for you!

WHY CHOOSE A REVERSE MORTGAGE

"The main reason homeowners choose a reverse mortgage is to pay off other debt. Its well-know American retirees have limited sources of income. Uncertain Social Security payments combined with depleting pension or 401k plans makes retirement a long financial challenge."

- Wall Street Journal, October 2021

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WHAT IS A REVERSE MORTGAGE?

Simply put, a reverse mortgage loan gives older American homeowners a way to turn their home’s equity into tax-free cash. The funds you receive can be used for almost anything, including paying off your existing mortgage (required as part of the loan), eliminating credit card debt, paying medical and other bills, or simply improving your retirement lifestyle.

The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, and is insured and regulated by the Federal Housing Administration (FHA). The FHA provides certain protections to the borrower, such as counseling and a comfort in knowing that when the loan comes due and payable, you’ll never owe more than the value of the home.

Unlike a traditional mortgage and home equity line of credit, a reverse mortgage provides payment optionality – meaning the borrower can choose to make mortgage payments throughout the life of the loan, or not. Of course, the borrower still must pay property taxes, insurance, HOA fees and costs to maintain the property.

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3 MOST COMMON REASONS TO GET A REVERSE MORTGAGE

Eliminate required monthly mortgage payments

Provides safety to stay in your home

Access to extra, tax-free cash that can grow

Couple In Front Of Mountains
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HOW MUCH MONEY CAN I GET?

Great question! The amount you can receive depends upon a few things:

The age of the youngest borrower or non-borrowing spouse
The older the borrower, the more money you can receive

Appraised home value
The higher the appraisal, the more funds you can access

  • Max loan amount $4M

Current interest rate
The lower the interest rate, the more equity you can cash in on

Here’s an example:
With an expected interest rate of 6.32% and an appraised home value of $900,000, the borrower (based on age) would have access to the following:

Reverse Mortgage Example

WHICH REVERSE MORTGAGE IS RIGHT FOR ME?

HECM REVERSE MORTGAGE

A Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage and is insured by the FHA, making it subject to certain limitations. It requires borrower counseling and mortgage insurance and currently has a lending limit of up to $1,089,300

With a HECM, borrowers can choose to withdraw their funds through a fixed monthly disbursement, a line of credit, a lump sum, or a combination.

REVERSE FOR PURCHASE

With a Reverse Mortgage for Purchase, you can buy a home using the proceeds from the sale of your current residence, and the equity in the house you are purchasing, to buy your new home. By doing so, you’ll have no monthly mortgage payment* and can enjoy retirement in the home of your dreams.

WHO MAY FIT HECM?

  • Borrower whose home value is within the $1,089,300 lending limit
  • Borrower who wants to have a line of credit or schedule payouts
  • Borrower who wants payment optionality
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HOW DO I QUALIFY?

To qualify for a reverse mortgage, the following must be met:

  • All borrowers are at least age 51
  • The subject property is in the borrower’s name and is their primary residence (living in it consecutively for six months and a day per year)
  • There is sufficient equity in the home
  • Borrower passes product specific residual income and credit requirements
  • Borrower completes reverse mortgage counseling

WAYS TO USE A REVERSE MORTGAGE

SAVE. SPEND. ENJOY.

  • Increase monthly cash flow
  • Pay off an existing mortgage
  • Eliminate credit card debt
  • Pay down medical bills
  • Fund home repairs and improvements
  • Travel and vacation
  • Pay property taxes and insurance
  • Improve your lifestyle
  • Invest and diversify your retirement portfolio
  • Maintain a growing line of credit for future needs

“93% of borrowers said that a reverse mortgage had a positive effect in their lives”

- 2006 AARP National Survey of Reverse Mortgage Shoppers Sample

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CONSUMER SAFEGUARDS

COUNSELING

All HECM reverse mortgage applicants are required to undergo third-party counseling so that you understand all your options and can feel completely comfortable with the process.

NO PRE-PAYMENT PENALTY

You can choose to repay the loan at any time, without incurring any additional costs.

NON-RECOURSE LOAN

A non-recourse loan protects you from being held liable for the loan beyond the value of the home. Your financial obligation to the lender will not be more than the home’s value when the reverse mortgage loan comes due. 

COMMON QUESTIONS

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Does the bank own my home or do I?

You do! With a reverse mortgage, the title to the home remains with the borrower. The bank/lender never owns your home.

How much can I borrow?

Loan proceeds are determined by the youngest borrower’s or non-borrowing spouse’s age, the product type and the corresponding interest rate. To estimate how much you are eligible for, get in touch with your agent!

What if I have a mortgage?

If you have a mortgage and qualify for a reverse mortgage, the reverse will pay off your existing mortgage and then give you the remaining proceeds. In fact, many borrowers use a reverse mortgage for that purpose – to eliminate required monthly mortgage payments.*
*Borrower must pay property taxes, insurance, HOA fees and maintain the property.

Will my children lose their inheritance?

Your children have options when it comes to your home. Typically the loan is repaid through the sale of the home. Your heirs can choose to sell the home, pay the loan and receive any remaining equity; or, they can purchase/refinance the home, at less than market value, and pay back the loan with a traditional mortgage.

Does a reverse mortgage require monthly payments?

A reverse mortgage does not require monthly mortgage payments, but it does require you to pay taxes and insurance, any HOA fees, and pay for general upkeep to keep the home in good condition.

What options do I have to access the equity in my home through a reverse mortgage?

You can access the equity in your home through a lump sum, monthly payments, a line of credit, or a combination of any of these.

Do I stop receiving access to funds if I outlive the equity in my home?

No, if you outlive the equity in your home, you will continue to receive your scheduled disbursements.

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TESTIMONIALS

Laura Kennedy

I've partnered with Eva Cutler for over 8 years ! She is a consummate professional who advocates for her customers. She's empathetic to her borrower's needs and understands timeliness. Her years of industry experience help pave the path for a smooth mortgage experience and provide for a wonderful customer experience.

janetw888

I recently have been in the middle of making some decisions regarding home/finances for my life, which can be overwhelming. Eva is an expert in the reverse mortgage field and has been able to weigh many options at one time to find the best scenarios for me. She has a breadth of knowledge and wisdom which comes from years of experience (and a heart for her clients). You can trust her. Eva has had me covered through this! She has walked me through the process making sure I don’t miss important details or deadlines, explained everything to me in terms I understand, and she won’t let anything fall through the gaps. She has held my best interest at the center of it all. The outcome has been the best possible scenario. It was better than I had hoped for or even thought of. She helped insure security for me long term while setting me up to thrive. I am so grateful for her and highly recommend her.

Todd L

Eva is fantastic to work with! She is extremely detailed, very knowledgeable and absolutely wonderful at explaining the ins and outs of reverse mortgages. There are a lot of misconceptions out there and it can be tough to really understand how they work. Thanks to Eva, I was able to feel very comfortable knowing my parents options and can't emphasize enough just how grateful they are to be in a much better financial position now. If you are curious about your reverse mortgage options for yourself or loved ones, Eva is who to call.

Josh Stafford

Eva Cutler is a top notch loan officer. Her knowledge on reverse mortgages is unmatched and she is a consummate professional.

Core Values: ✓ Honesty ✓ Professionalism ✓ Integrity ✓ Character ✓ Compassion

Licensing

NMLS#200821/#1824975
CA DBO License #60DBO 97824
ID License MBL #2081824975
MT License #1824975
OR License ML #5787
Equal Housing Lender

Contact Us

Covenant Reverse Mortgage, LLC
211 E Logan Street,
Suite B-3
Caldwell, ID 83605
Number:
Main: (208) 454-1155
Toll Free: (888) 742-3439
Hours:
MON-FRI 7AM - 4PM

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This material is not from HUD or FHA and has not been approved by HUD or a government agency.
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When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
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