Reverse Mortgage Loans

Reverse Mortgage loans give seniors the ability to live in their home, with no monthly mortgage payments, by converting home equity into cash while still maintaining ownership!

Louisiana Licensed Mortgage Company.
Mississippi Licensed Mortgage Company.

How does it work?

A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your financial situation. With a reverse mortgage loan, you will remain on title and can stay in your home without making monthly mortgage payments during the loan period. The borrower will be required to pay for property taxes, home insurance and home maintenance. The loan balance becomes due upon the occurrence of other events including non-compliance with the loan terms.

You can make payments on a Reverse Mortgage to prevent the principal from increasing. However, unlike regular mortgages, if you are forced to miss a payment, you will not be penalized. That means Reverse Mortgages come in handy in times of financial strain, by offering flexibility that a regular mortgage does not.

This federally-insured loan offers multiple ways to receive the proceeds and gives you the ability to spend the cash as needed. Common uses of Reverse Mortgage loans include:

  • Paying off debt
  • Cover costly medical bills and prescriptions
  • Home repairs and modifications
  • Delay Social Security benefits²
  • …and much more!

Important features of a reverse mortgage loan include:

  • Proceeds from a Reverse Mortgage loan are tax-free. Consult your CPA
  • There are multiple ways to receive the loan proceeds, either as a line of credit, a term payment, a tenure payment or lump sum.
  • Live in your home with no principal & interest mortgage payments.

Qualifications include:

  • The borrower must be 62 years or older (a nonborrowing spouse may be under age 62)
  • The home must be and remain the borrower’s primary residence
  • The borrower must own the home
  • The borrower must meet the financial requirements of the HECM program

Ready to get started?

Contact one of our Reverse Mortgage Specialists

Bruce Coffman
Greater New Orleans

Assistant Vice President, Reverse Mortgage Loan Officer

NMLS# 116409
Phone: (504) 874-4763
Fax: (504) 838-3670
Email: bcoffman@amr-no.com View My Profile

Alison Calamia
Louisiana and Mississippi

Assistant Vice President, Reverse Mortgage Loan Officer

Phone: (504) 289-6464
View My Profile

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