What Is A Reverse Mortgage?

A reverse mortgage allows you to keep your home while drawing on the equity you have built up over the years, and without making any monthly mortgage payments.

A reverse mortgage is the opposite of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments.

The loan is repaid when you either sell your home, the last borrower (or eligible non-borrowing spouse) passes away or no longer live there as their principle residence.

A reverse mortgage does not eliminate other commitments such as property related fees, taxes and insurance, and you must maintain the home in good condition.

You can use the cash payments you receive via the reverse mortgage as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It’s entirely up to you.

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Reverse Mortgage Program

A reverse mortgage is a way for homeowners ages 62 and older to borrow against the equity in their home. With a reverse mortgage, a homeowner who owns their home outright or at least has considerable equity can withdraw/borrow a portion of their equity without having to repay it until they leave the home.

Unlike a regular mortgage where the homeowner makes payments to the lender, with a reverse mortgage, the lender pays the homeowner. This payment is tax-free and is not something that needs to be repaid to the lender so long as the homeowner uses the property as their primary residence.

Key Benefits of a Reverse Mortgage

  • Borrower doesn’t need to make monthly payments toward their reverse mortgage loan balance
  • The proceeds from the reverse mortgage can be used for living and healthcare expenses, debt repayment, and other bills, basically as the borrower wishes
  • Retirees on a limited retirement income can use the reverse mortgage to enjoy their retirement
  • Non-borrowing spouses can remain in the home after the borrower dies
  • Elderly borrowers facing foreclosure due to unexpected expenses and the inability to make mortgage payments can use a reverse mortgage to pay off the existing mortgage, potentially stopping the foreclosure

Fast, Easy and Secure Online Reverse Mortgage Application
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Benefits of Obtaining Your Reverse Mortgage Loan With Calyx Mortgage

All brokers, loans and lenders are not equal, which is why it’s important to have the right brokerage team on your side.

Faster Loan Closing

Most of our loans closing within a 2 to 4 week time period provided there are no complications or delays submitting documents to us

Customer Service

Unlike the big box banks and one man broker shops, we provide highly responsive and timely customer service to address your needs.

Enjoy the Best Mortgage Rates

As a volume based brokerage, we offer some of the best mortgage rates and terms in the industry. No haggle – No Bait and Switch.

Decide your Terms

We customize each mortgage with the borrower in mind, you determine your down-payment and tenure, and we find you the best lender for your needs.

Reverse Mortgage Loan - Eligibility

Anyone over the age of 62 may qualify for a reverse mortgage loan. We also offer loan programs for Non-Retiree’s

Down Payment

Often not required, but can vary based on how the equity is being leveraged

Credit Score

No minimum qualifying credit score required, but a good credit history will go a long way

  • Post-foreclosure: can qualify after 7 years
  • Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)

Post- bankruptcy: can qualify after 4 years

Employment History

No employment history required, but lender will look to make sure you can afford to pay other expenses such as insurance and taxes etc.

Other Conditions

Other conditions may apply on a case-by-case basis and subject to lenders qualification criteria.