How It Works2020-06-03T16:49:49+00:00

How the Program Works

Program Details

How Does a Reverse Mortgage Work?2019-10-28T19:59:31+00:00

A reverse mortgage allows homeowners who are 62 years or older to access a portion of the equity in their homes without having a monthly mortgage loan payment.

  • No loan repayment is required as long as the borrower owns and lives in the home.*
  • There are limited income, asset, and credit requirements
  • The homeowner retains title and ownership of the home
  • Cash advances can be used for any purpose
How can I qualify?2019-10-28T19:59:40+00:00
  • Any homeowner who is 62 years or older
  • You must be living in the home as your primary residence
How much money can I get?2020-05-12T15:13:14+00:00

The amount you can get depends on:

  • Youngest borrower’s age**
  • The home value
  • Current interest rates
How is it paid to me?2019-10-28T20:00:05+00:00

You can choose how to receive your money.

You can receive it:

  • As a Lump Sum at the closing of the loan
  • As a Monthly Cash Advance
  • As a Line of Credit

-OR-

Any combination of the above three options

When do I pay it back?2019-10-28T20:00:12+00:00

When the home is sold or when the last surviving spouse or borrower dies or moves away for 12 months in a row.

What can I use the money for?2019-10-28T20:00:17+00:00
  • Pay off current mortgage or debts
  • Property taxes/ home insurance
  • Home repairs
  • Everyday living expenses
  • Retirement Planning
  • Medical expenses or in-home care
Are Reverse Mortgages Safe?2019-10-28T20:00:25+00:00
  • Reverse mortgages are insured by the U.S. Dept. of HUD
  • Payments to borrowers are guaranteed by the U.S. government
  • They are available through HUD Approved lenders
  • Independent HUD counseling is required prior to application
  • Does not affect Social Security or Medicare benefits***.
How do I apply for a Reverse Mortgage?2019-10-28T19:53:22+00:00

First you must obtain a counseling certificate from a HUD-approved counseling agency (we can supply you with a list of national and local agencies from which you can choose). After receiving your counseling certificate, you can make an application with a 1st Nations Reverse Mortgage Specialist. Under normal circumstances, the entire process should take approximately 30 – 45 days.

Who do I contact first?2019-10-28T19:53:29+00:00

If you would like more information about reverse mortgages, or if you would like an appointment to make an application call: (800) 720-7003.

* Borrower must continue to pay property taxes, insurance, applicable maintenance and association fees, and maintain the property.  Failure to do so may result in foreclosure.

** Or the age of an eligible non-borrowing spouse.

*** SSI and Medicaid benefits may be affected.  Get professional advice.

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