© Bitto Financial
Reverse Mortgages

We at Bitto Financial Group have done extensive research on these unique loans, and have originated and processed many Reverse Mortgages over the last 5 years.

Did you know?

27 million American households have one resident over age 62

21 million seniors own their home

73% of those homes are owned free and clear

With our aging population, senior households will double within 25 years

According to NRMLA, the number of Reverse Mortgage loans increased by 77% in 2006

HUD projects the number of Reverse Mortgage loans to grow by 455% by 2009

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in our home into cash. The equity that is built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.



You are not logged in yet. Please log in to gain access to additional content.

 
 

Create a User Account?

Forgot your password?