You Retirement Options Matter.
That's why we are here
At SouthFork Funding we treat each customer as an individual, not a number. Eliminate your monthly mortgage payments during these unsettled times and give yourself greater peace of mind.
Get The Funds You Need With A Reverse Mortgage
If you are at least 62 years old, who own their homes outright — or at least have a considerable amount of equity to draw from a reverse mortgage could be right for you. As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.
What is a Reverse Mortgage?
The most common type of reverse mortgage is a loan insured by the Federal Housing Administration (FHA), which is also called a HECM. It allows you to access your home equity and turn it into cash. Borrowers choose a reverse mortgage because it allows them to remain in their homes, as long as they meet the loan terms, and provides funds that can greatly supplement their retirement income.
Access Cash
The proceeds are tax-free** and can be used in various ways, like paying health care costs or financing home renovations.
Eliminate Monthly Mortgage
Without the burden of a monthly mortgage payment, you can free up cash to cover other important expenses.*
Stay in Your Home
With a reverse mortgage loan, you can afford to stay in the home you love and age in place as well as retain the title.*
Who Is a Reverse Mortgage Good For?
The Homebody
Never want to move? Get rid of your monthly mortgage payment and finance renovations so your home continues to meet your needs.*
The Pragmatic Planner
Convert your home’s equity into monthly payments to supplement income and maintain your standard of living in retirement.
The Safety-Net Seeker
Establish a standby reverse mortgage line of credit that will grow over time and help cover you if unforeseen expenses arise.
The New Homebuyer
Use a Reverse for Purchase to buy a new house that fulfills all your retirement needs without a monthly mortgage payment.*
The Maximizer
Use payments from a reverse mortgage loan or the proceeds from a refinance loan to supplement your social security and other income.
The Eager Retiree
Ready to leave behind the daily grind? Eliminate your mortgage payments and access cash so you can afford to enjoy the next phase of life.*.
Giving you the best option for your retirement
That starts here. If you are at least 62 years old, who own their homes outright — or at least have a considerable amount of equity to draw from a reverse mortgage could be right for you.
Frequently Asked Questions
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When the final borrower (or even the last eligible non-borrowing spouse) leaves the house or passes, the reverse mortgage is returned in full. This can also happen if the last eligible non-borrowing spouse leaves the house. In most cases, the loan is repaid by selling the property and using the money from the sale to pay off the mortgage. The inheritance of any leftover equity will be passed down to the heirs. If your heirs make the decision to maintain the property after you pass away, they have alternative options for paying back the debt, such as refinancing it into a conventional loan.
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Your equity will grow proportionately to the rise in the value of your home. When you have a reverse mortgage, it implies that if the home is sold to settle the loan after you have passed away or decided to leave, there will be more money left over for you or your heirs. This can be beneficial in a number of ways. You have the option of refinancing your house to access more of the equity that has been built up in it if the value has increased significantly.
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Three days after signing the contract, you have the option to terminate your loan. For those who want to terminate the loan, this is known as the "rescission period." In order to cancel the loan after the rescission period, you must pay back any money you received, as well as the interest that has accrued on the loan.
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No. With a reverse mortgage, homeowners keep the title and ownership of their house as long as the loan is in good standing. The borrower must pay property taxes, insurance, and maintenance.
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As long as you fulfill your tax and insurance obligations and maintain the home in excellent condition, the loan can remain for the remainder of your life.
