REVERSE MORTGAGE

Other Loan Options

A reverse mortgage is a way to turn the equity in your home into cash which is usually tax-free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. These loans can potentially help seniors gain financial independence from increasing living expenses.

 

*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

 

  • One borrower must be 62 years or better

  • Own your home and have equity

  • Eliminate your monthly mortgage payment (taxes, insurance, HOA dues must be maintained)

  • Home is required to be your primary residence (live in your home 6+ months per year)

  • Property must be a single-family home, 2 to 4-unit dwelling or FHA-approved condo

  • For a home purchase, you must have an adequate down payment for your new home based on your age*

  • No credit score requirements, some income and credit qualifications apply to ensure you have the ability to pay taxes and insurance.

 

*Not available in all areas. Please contact your Fairway reverse mortgage planner for more details.

 

 

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Fairway Mortgage Benefit Program operates through Fairway Independent Mortgage Corporation of Seattle. Andrew W. Reid, Market Manager- Seattle. NMLS #420400. 1910 Fairview Ave E, Ste 101, Seattle, WA 98102 Toll-free: 855-7-FAIRWAY Fax: 866-715-2733 areid@fairwaymc.com ©2020 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. Complaints may be directed to 877-699-0353 or email us at customerservice@fairwaymc.com. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. AZ License #BK-0904162. Licensed by the Department of Business Oversight under the California Finance Lenders Law. Loans made or arranged pursuant to a California Finance Lenders Law License.

 

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