we offer reverse mortgages
"We highly recommend PMG Home Loans to anyone." - Bob & Katie K.
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.
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.
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).
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).