Reverse Mortgage

What is a Reverse Mortgage?

A reverse mortgage is a special type of home loan for homeowners aged 62 and older. The loan allows homeowners to borrow money using their home as a guarantee, just like a traditional mortgage. Unlike a traditional mortgage, with a reverse mortgage, interest is added to the loan balance each month, and the balance grows. The loan must be repaid when the last borrower, co-borrower or eligible spouse sells the home, moves out of the home, or dies.

Most reverse mortgages today are called Home Equity Conversion Mortgages (HECMs). HECMs are federally insured. If you are interested in a reverse mortgage, first see a HECM counselor.

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What are the facts on Reverse Mortgages & Home Equity Conversion Mortgages?

  • Run your numbers to see how much you qualify for in as few as 5 mins and fund the retirement you’ve worked hard to achieve.
  • Borrowers have responsibilities such as property upkeep, property tax, and homeowner’s insurance.
  • While all HECMs are reverse mortgages, the opposite is not true – not all reverse mortgages are HECMs. The specific differences between these two terms will be further elaborated.
  • Misconceptions and misunderstandings exist around these loans, but recent updates to rules and regulations provide enhanced protection for borrowers.

What are the Benefits of a HECM or Reverse Mortgage?

No Monthly Principal & Interest Mortgage Payment*

Eliminate your monthly principal & interest mortgage payment for as long as one of the borrowers live in the home. You do not need a present mortgage to qualify.

Stay In Your Home

You live in the house as your primary residence for as long as you like or are able to. You still pay your property taxes, insurance, and other property charges, as well as maintain the home.

Line of Credit Options Available**

Access your home equity whenever you need it with a line of credit that can grow over time with an ever-increasing credit limit.

Kendall Updegrave

Mortgage Banker

Ken has been working in the mortgage industry for the past 18 years. with more than 12 of those years spent specializing in reverse mortgages. He holds a bachelor of arts degree in Accounting and was a CPA and  accounting and human resources software implementation specialist before beginning his career in mortgage planning. Fun fact about Ken: He passed his CPA exam in one sitting after being out of college for eight years!

“Not one of my clients ever woke up one day thinking they needed a reverse mortgage to make their lives complete,” says Ken. “They all have individual concerns or desires they want to accomplish in their lives and I am often blessed to be able to help them accomplish those goals.”

When he is not helping his clients achieve their lifelong goals, Ken and his wife Ginger, who recently celebrated their 30th wedding anniversary enjoy spending time with their two adult sons and their new grandchild. A family of dog lovers, they currently have three at home now: Zeus, Lucy and Maui. Ken is the current President of the Raleigh Sports Club, where they host world famous sports figures speaking about their experiences in the sports world. He also serves his fraternity as a Chapter Advisory Leader to the undergraduate chapter and he participates nationally in best practices training with many chapter advisory board members and their undergraduates throughout the US and Canada.

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