This website was developed to provide home owners and their families a place to gather information about reverse mortgages and help conclude if one is right for you. Our goal is to help you navigate the reverse mortgage process and help you obtain the best reverse mortgage loan available.
A reverse mortgage loan is simply a home mortgage loan that allows you to borrow a portion of the equity in your home. The reverse mortgage loan works in the opposite or reverse of a traditional home loan in that there are no required monthly mortgage payments. You are required to continue paying homeowners insurance, property taxes and any HOA dues. (A reverse mortgage is also commonly referred to as a HECM (Home Equity Conversion Mortgage).
Unlike a traditional mortgage loan, the reverse mortgage qualification process is more streamlined, one of property owners has to be a minimum of 62 years old and the home needs to be your primary residence. If you have a current mortgage that must be paid off with proceeds at closing. You can receive your reverse mortgage (HECM) loan proceeds in three different ways: a lump sum at closing, a line of credit, or guaranteed monthly payments for as long as you live in the home.
HUD insured reverse mortgages were created by Congress in 1988 and must conform to strict underwriting guidelines created by the FHA.
Reverse mortgages are rapidly becoming a highly recognized and powerful retirement tool. Here are just a few benefits.
We have a team of seasoned, licensed professionals that will get familiar with your specific situation and help identify the most appropriate options to fit your needs. We have a network of direct wholesale lending relationships that ensure you are getting the best available program on the market today.
Omni-Fund Inc. specializes in working exclusively with home owners and their families who are seeking to secure the best reverse mortgage (HECM) loan possible. We have developed the free reverse mortgage calculator on this site to help get you started and determine if a reverse mortgage is right for you.
This information is not intended to be a substitute for legal, tax or financial advice.