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About Reverse

Reverse Mortgages are loans that allows homeowners to borrow money using their home as security for the loan. The loan does not require the borrower to make monthly mortgage payments as long as they remain current on their property taxes, insurance, any HOA fees, and keep the home in good condition. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows.

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Common FAQs

How does a reverse mortgage work?
What can reverse mortgage funds be used for?
How can a reverse mortgage help?
Is there more than one type of reverse mortgage?
With a reverse mortgage, you can use the equity in your home to receive loan proceeds in the form of a lump sum, monthly payments, a line of credit, or a combination of these. As with any other loan, terms and payouts are determined by the product, fees and interest rate.
Funds can be used for almost anything but are commonly used for paying off an existing mortgage, eliminating credit card debt, covering healthcare costs, maintaining a growing line of credit for future needs, repairing or remodeling the home, and/or improving lifestyle.
One way it can help is by eliminating the borrower's monthly mortgage payment.* A reverse mortgage allows for payment optionality; freeing up cash previously spent on a traditional mortgage payment. It can also help seniors by allowing them to stay in their home while accessing the home’s equity. They can have peace of mind that the property remains in their possession as long as the loan terms are maintained. *Borrower must pay property taxes, insurance, HOA fees and maintain the property
Yes, a reverse mortgage typically follows the same blueprints but can vary in small ways. The most common type of reverse mortgage is a HECM. Others include a proprietary reverse, like our Smartfi® Choice, and single use reverse mortgages.
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2022 Smartfi Home Loans LLC (In Ohio only, does business under the trade name Bankers Guarantee Mortgage Company), Company NMLS 1862952.

These materials are not from, and have not been approved by, HUD, FHA, or any government agency. Subject to Credit Approval. For licensing information, go to: NMLS Consumer Access.

*Borrower must pay property taxes, insurance, any HOA fees and maintain the property.

** Age requirements differ by product and state.

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Real Reverse Possibilities

SMARTFI CHOICE vs. FHA HECM

USING A HECM TO PURCHASE

WHY REVERSE?