Reviews from past Reverse Clients

Norma Sosa Gonzalez

Positive experience obtaining information for my aunt on a reverse mortgage. Very professional team.

Mr. Kevin Cowan was very good. His professionalism, attention to detail and interest to serve the client are to be commended. I was kept informed throughout the process and was pleased to have completed the mortgage within the time frame given. I highly recommend Mr. Cowan and his company for any reverse mortgage needs.

Julio Dominguez

I found Kevin to be very knowledgeable on the subject matter and extremely helpful and willing to help. He answered every question we had, always on a timely basis. It was a pleasure to have dealt with him.

Sofia Ochoa

Kevin made my mortgage experience easy, clear and pleasant. He was always ready and happy to answer my questions (they were a lot). The personal touch, so rare these days, made the difference.

Lisbett Oliva

Kevin helped my parents with their reverse mortgage and the process was so easy! It took less than a month from the time I contacted him to the very end. Thank you for all your help, Kevin. My parents don’t stop talking about how happy they are with the service you provided!

Annabelle Rivera

Had a great experience with Kevin when we did a reverse mortgage doe our parents. He was very knowledgeable and very patient, as we had lots of questions. Our calls were always returned promptly. Highly recommend.

Vivien Weisman

Kevin Cowan my reverse mortgage rep was always easy to work with and went out of his way to help accommodate my 90 years old dad with his special requirements. He gave us top dollar for our home. Kevin was a nice and helpful and knowledgeable through out the process. I would give him 100 stars if I could. I am a big fan.

Aryian Singh

Kevin was very very helpful with my reverse mortgage and he will guide me on how to go about getting the paperwork done. I really appreciate everything he did for me and now I can live stressed free. Thank you Kevin and May god blessed you with everything in your life. I will recommend Kevin highly to anyone who wants a loan.

Home →

Is a reverse mortgage for you?

As individuals continue to live longer and longer, it is now becoming harder to save enough for retirement. Not that living longer is a bad thing, but the comfort of being financially secure is warming. As you get older, you tend to gain equity in your home. What many people do not realize is that this equity can be tapped and turned into cash. Possible options for that include a line of credit, a cash-out refinance, or a reverse mortgage. While each option has its advantages, only one requires no payment to be made for the remainder of your life. A Reverse Mortgage may be a great option for anyone who is 62 years or older and interested in any of the following:

You cannot qualify for a normal forward mortgage loan
You no longer wish to make a mortgage payment
You would like to gain liquidity for numerous reasons
- Home repair
- You just want to have fun
- Need a new car

Have questions or want to learn more? Call (305) 467-6813

Traditional ways to get money out of your home:

Sell your home – You would need to move
Take out a forward loan or a line of credit – This would require an income and credit qualification. This would require a new monthly payment.
Get a reverse mortgage – You would not have to move and no monthly payment would be required.

Eligibility

When applying for a reverse mortgage, you must meet the following qualifications:

Borrower must be at least 62 years of age.
Borrower must live in the home as their primary residence and have sufficient equity.
Borrower must be able to pay off their existing mortgage using the Reverse Mortgages proceeds.
Live in a single family, 2 – 4 unit owner occupied home, townhouse, approved condominium or manufactured home on its own property (no rental lots).
Meet financial assessment per HUD guidelines.

In addition to eligibility, you must meet the following conditions to obtain a Reverse Mortgage (HECM) loan:

Complete HUD approved counseling session.
Maintain home according to FHA requirements.
Continue to pay property taxes and homeowners insurance.

How Much Money Can You Receive?

The two main driving forces when factoring how much money you can receive from a reverse mortgage are age and home value. In general, as you get older the lending limit will increase. The three main options for receiving your funds are through a lump sum, line of credit, or monthly payments.

Line of Credit

This is a popular option because of the flexibility.
No interest accrues on monies in the line of credit until they are spent.
Can use credit line growth. Money that hasn’t been spent continues to grow at a rate higher than the current loan rate.
Can be combined with monthly payments or a larger disbursement at closing.

Monthly Payment

Get a set amount to supplement monthly income.
Can be either term (set amount of years) or tenure (fixed payment as long as the reverse mortgage is active) payments.
Can be combined with a line of credit

Lump-Sum

Take out a large sum at closing
No credit line growth
Amount available may be less than other options above.

Have questions or want to learn more? Call (305) 467-6813

Book Appointment

Copyright © 2022 All Rights Reserved.
First Equity Mortgage Bankers, Inc. (FEMBi Mortgage) NMLS#162197, is a fully diversified mortgage bank. We finance the purchase and refinance transactions through Conforming, Non-conforming, FHA, VA, and USDA/Rural loans.

DISCLAIMER: FEMBi Mortgage has no affiliation with any government agencies or lenders. If you stop paying your mortgage, it may impact your credit.

Worry Less, Live More.

Find out if a reverse mortgage is right for you.