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Maryland Reverse Mortgage
Learning Center.
Learning Center.
2. Connect with a loan officer
3. See the financing options that are available for your mortgage needs!
1. Complete the online quote form
The quote request process is simple!
A reverse mortgage allows homeowners to extract the
Equity of the home without having to make monthly
Payments back to the lending institution.
Equity of the home without having to make monthly
Payments back to the lending institution.
30 year
15 year
10 year
1 year ARM
3 year ARM
5 year ARM
7 year ARM
10 year ARM
15 year
10 year
1 year ARM
3 year ARM
5 year ARM
7 year ARM
10 year ARM
Common Terms
There must be equity available in order to get a reverse mortgage.
any current lien will be paid off and the remaining funds will be paid
out to the homeowner. No repayment is needed unless the property
is sold, the primary borrowers moves
Or when the borrower passes. During
the entire term of the reverse mortgage
the borrower must retain residency in
the property. The borrower also retains
the ownership right of the property and
is responsible for taxes, insurance and
maintenance.
any current lien will be paid off and the remaining funds will be paid
out to the homeowner. No repayment is needed unless the property
is sold, the primary borrowers moves
Or when the borrower passes. During
the entire term of the reverse mortgage
the borrower must retain residency in
the property. The borrower also retains
the ownership right of the property and
is responsible for taxes, insurance and
maintenance.
Loan amounts depend on the age of the
borrower and the equity available.
borrower and the equity available.
Common requirements for a Reverse Mortgage.
Please note - When a borrower wants to apply for a reverse mortgage
HUD requires that the borrower meets with a HUD-approved counselor. The
counselor will explain the legal and financial obligations of the loan. Once the
borrower completes this counseling they will receive a
"certificate of counseling" that will then needed to be presented to the lending
institution and is required before any reverse loan can be approved.
The borrower(s) must also be 62 years of age or older. The amount of the
maximum loan available may change based on age. The maximum loan
limit is $625,000.
Although the qualifications do not require income, asset and credit
The borrower is required that show that they can “afford” to
maintain the home.
Prior to meeting with a loan officer the borrower should gather ion formation
regarding any current mortgages and liens on the property. Also, having
documents showing the currently property tax, homeowners insurance,
homeowners association and maintenance fees will help the process.
borrower completes this counseling they will receive a
"certificate of counseling" that will then needed to be presented to the lending
institution and is required before any reverse loan can be approved.
The borrower(s) must also be 62 years of age or older. The amount of the
maximum loan available may change based on age. The maximum loan
limit is $625,000.
Although the qualifications do not require income, asset and credit
The borrower is required that show that they can “afford” to
maintain the home.
Prior to meeting with a loan officer the borrower should gather ion formation
regarding any current mortgages and liens on the property. Also, having
documents showing the currently property tax, homeowners insurance,
homeowners association and maintenance fees will help the process.
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