Work Hard Mortgage

Could your home equity give you more options?

A reverse mortgage may allow eligible older homeowners to access a portion of their home equity while continuing to live in — and own — their home, subject to the requirements of the loan.

Below is a plain-English look at how these loans generally work, what they do and don’t do, and how to ask us to review your situation.

Takes a few minutes. No credit pull, and nothing is submitted to a lender.

What is a reverse mortgage?

A reverse mortgage is a loan that lets you borrow against the equity you have already built in your home. With the most common type — the FHA-insured Home Equity Conversion Mortgage, or HECM — borrowers generally must be age 62 or older, and the home generally must be their principal residence.

Instead of making a monthly mortgage payment to the lender, the loan is generally repaid later, from the home. You continue to own the home. You also remain responsible for property taxes, homeowners insurance, maintenance, any HOA obligations, and the other property charges the loan requires — so a reverse mortgage does not eliminate your housing costs.

What happens to my home?

Getting a reverse mortgage does not mean giving ownership of your home to the lender. You keep the title, subject to the mortgage, and you must continue to meet the obligations of the loan — including living in the home as your principal residence and keeping the required property charges current.

The loan generally becomes due when the last borrower sells the home, permanently moves out or leaves the home, or another repayment event described in the loan terms occurs. At that point the loan is repaid, typically from the sale of the home or by other means.

Is this free money?

No. A reverse mortgage is a loan secured by your home.

Interest and any applicable fees and charges accrue over time, and the balance generally grows while it is outstanding. Using equity today generally means less home equity remains later. The amount you may be able to access, the costs, and the terms all depend on your situation, your property, and the specific loan program.

Why might someone consider one?

Every situation is different. These are some of the reasons homeowners tell us they looked into a reverse mortgage — not recommendations, and not a promise that any of them would apply to you.

Pay off an existing mortgage

Retire a current mortgage balance, which may free up monthly cash flow.

Supplement retirement cash flow

Add to the income you already have coming in each month.

Access equity for significant expenses

Medical costs, home repairs, or other large one-time needs.

Establish additional financial flexibility

Create a source of funds you can draw on when you choose.

Create access to funds for future needs

Set aside borrowing capacity for something down the road.

Common questions

See what your options could look like

You don’t need to know every number. Give us the basics below and a Work Hard Mortgage loan officer can review your situation and help you understand what options may be available.

Who referred you?

Choose the Work Hard Mortgage team member you’ve been working with.

Ryan HardingCEO / MLO

About you

The basics, so we know who we are reviewing this for.

First name *Last name *Email *Mobile phone *Date of birth *

Are you married? *

About the property

The home you are asking us to look at.

Property street address *

City *State *ZIP *Property type *Estimated home valueA rough guess is fine. Leave blank if you are not sure.Approximate first mortgage balanceLeave blank if there is none or you do not know.Approximate second mortgage or other lien balanceIf any. Leave blank otherwise.

Is this your primary residence? *

A reverse mortgage generally requires the home to be your principal residence.

Optional

Entirely optional. Leave any of these blank if you do not know — you do not need to look anything up.

Approximate monthly household income (optional)Leave blank if you would rather not say or are not sure.Approximate household assets (optional)Leave blank if you would rather not say or are not sure.

What would you like a reverse mortgage to help you accomplish?

I agree that Work Hard Mortgage may contact me about this reverse mortgage review. My name, email, phone and the information I entered above will be sent to Work Hard Mortgage. This does not subscribe me to marketing emails or authorize automated texts.

This is an informational prequalification inquiry. It is not an approval or a commitment to lend, and nothing is submitted to a lender when you send this.

Reverse mortgage eligibility, proceeds, rates, costs and requirements depend on the borrower, the property and the loan program. A loan officer can talk through what applies to your situation.

This page is educational and is not a loan application, an approval, or a commitment to lend. Reverse mortgage eligibility, proceeds, rates, costs and requirements depend on the borrower, the property and the loan program.

Work Hard Mortgage is a DBA of Work Harding Home Mortgage Team, LLC. NMLS #2396714. Licensed Mortgage Broker in Utah, Oregon, Colorado, Idaho, Texas, and Alaska. Equal Housing Opportunity.