Reverse Mortgage Loans

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Call Five Star Mortgage at 267-983-6033.

Reverse Mortgage Options

A reverse mortgage can allow eligible homeowners to access a portion of their home equity without requiring traditional monthly principal and interest mortgage payments.*

Five Star Mortgage is an independent, owner-operated mortgage broker serving Pennsylvania, New Jersey and Florida. We work with multiple reverse mortgage lenders and can compare available programs, pricing and options for your individual situation.

What Could a Reverse Mortgage Help You Accomplish?

Depending on your circumstances and the program available, a reverse mortgage may allow you to:

Pay off an existing mortgage
Access a portion of your home's equity
Establish a line of credit
Receive monthly proceeds
Access funds for planned expenses
Increase retirement cash-flow flexibility
Purchase another primary residence using a HECM for Purchase
How much may be available and how proceeds may be received depend on the reverse mortgage program and your individual circumstances.

Understanding Your Reverse Mortgage Options

There are two primary types of reverse mortgages we work with: FHA-insured Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgages.

FHA-Insured HECM, HECMs are insured by the Federal Housing Administration and are generally available to eligible homeowners beginning at age 62. HECM borrowers are required to complete counseling with an approved housing counseling agency before proceeding.  Proprietary Reverse Mortgages, These are private-lender reverse mortgage programs that are not FHA-insured. Certain programs may be available to eligible homeowners beginning at age 55 and may offer additional options for higher-value properties. Eligibility, loan amounts and program features vary by lender, borrower, property and state.  As an independent mortgage broker, Five Star Mortgage can compare available options from multiple reverse mortgage lenders rather than limiting you to one company's programs.

Homeownership & Responsibilities, With a reverse mortgage, you retain ownership and title to your home, subject to the mortgage lien. Traditional monthly principal and interest mortgage payments are generally not required while applicable loan requirements are met.* Borrowers remain responsible for property taxes, homeowners insurance, property maintenance and other required property charges.

When the reverse mortgage eventually becomes due and payable, heirs may have options that include paying off the loan and keeping the home, refinancing the balance, or selling the property. If the home is sold for more than the amount owed on the reverse mortgage and other applicable liens and costs, the remaining equity belongs to the homeowner or their estate. The specific options depend on the loan program and circumstances at that time.

Why Five Star Mortgage?

Multiple lenders. Personal service. Straightforward answers. Five Star Mortgage is an independent, owner-operated mortgage broker. We'll compare available programs, pricing and proceeds from multiple lenders and explain the differences in plain English.

You'll work directly with an experienced Five Star Mortgage professional—not a national call center. And because a reverse mortgage isn't right for every homeowner, our goal is to give you the information and numbers you need to decide whether it makes sense for you.

Already Have a Reverse Mortgage Quote?

Let us compare it. Rates, costs, available proceeds and program options can vary between reverse mortgage lenders. If you've already received a quote, we'll review it and compare available alternatives from our lenders. There's no obligation to proceed simply because we review your options.

Important Information

*No monthly principal and interest mortgage payment is generally required with a reverse mortgage while applicable loan requirements are met. Borrowers remain responsible for applicable property taxes, homeowners insurance, property maintenance and other required property charges. Failure to meet loan obligations may cause the loan to become due and payable.

HECMs are insured by the Federal Housing Administration and have specific eligibility, counseling and program requirements. Proprietary reverse mortgage programs are not FHA-insured HECMs and their terms, eligibility requirements and availability vary by lender, state and program.

This information is for educational purposes and is not a commitment to lend. All loans are subject to applicable program guidelines, underwriting, property requirements and approval.

Five Star Mortgage, LLC | NMLS #2686795
Serving Pennsylvania, New Jersey and Florida
Equal Housing Opportunity

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