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we offer reverse mortgages

"We highly recommend PMG Home Loans to anyone." - Bob & Katie K.

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PMG reverse mortgage loans allow you to

convert your home equity into a predictable monthly income.

How do PMG reverse mortgages work?

With a conventional loan, you make monthly payments after being loaned a lump sum of money. But when you take out a reverse mortgage, you receive monthly payments.

Reverse mortgage loans are very popular, as they allow retirees with limited income to use their physical property—that is, their home—as a means of paying for living expenses, health care, and other necessities. But there are no restrictions on what reverse mortgage loan funds can be spent on.

As long as you continue to live in your home, and pay all the property taxes, insurance, and HOA fees, you don’t have to make any payments on the loan.

What are the requirements for getting a reverse mortgage?

While private lenders can offer all sorts of reverse mortgage loans, only one type of loan, the Home Equity Conversion Mortgage (HECM), is insured by the federal government. These loans, only offered by FHA-approved lenders like PMG Home Loans, have a few requirements, including:

Be 62 or older

All borrowers listed on the title of a home being used as collateral for a reverse mortgage loan must be at least 62 years old.

Maintain condition of the property.

You must keep the home in good repair and cover all repairs in order to maintain the property’s value for as long as you have a reverse mortgage.

Live in your home

You can’t use a second home, vacation home, or investment property as collateral for a second mortgage. It must be your primary residence.

Existing loans

Your reverse mortgage loan must be the property’s primary lien. If you currently have a mortgage on your residence, you must pay it off using the funds received through the reverse mortgage.

Fees, Taxes & Insurance

You must cover the cost of homeowner’s insurance, real estate taxes, and any relevant fees (such as HOA or condominium fees).

Repayment

When the borrower (or last remaining borrower) passes away, the loan becomes due. Heirs are responsible for paying off the loan, or 95% of the appraised value of the home (whichever is less).

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Step 1 of 4

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PMG Home Loans, Inc. NMLS# 572121 | Terms, conditions, and restrictions may apply. Loan products are subject to availability and credit approval. Not a commitment to extend credit. PMG Home Loans, Inc  Licensed by the Department of Corporations under the California Department of Business Oversight. Company License #60DBO90833.