What is a Reverse Mortgage

What is a Reverse Mortgage

A reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert equity in their home into cash. These loans were created to give seniors access to cash for expenses such as home improvements, unexpected medical costs, and in-home care by utilizing the accumulated equity in their homes.

This type of loan is called a reverse mortgage because instead of the borrower making monthly payments to their lender as they would with a traditional mortgage, the lender makes payments to the borrower. Unlike a traditional home equity loan or second mortgage, a reverse mortgage does not have to be repaid until the borrower no longer occupies the home as their primary residence.

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM) which is insured by the FHA. An alternative option is the Proprietary Reverse Mortgage which is not backed by the federal government.

Follow Richard with Central Florida Reverse


Licensing

Central Florida Reverse
- NMLS: 1486483
- FL: MBR2015
- GA: 62076

Licensing

W. Brandon McWhorter
- NMLS: 1222276
- FL: LO29724
- GA: 62082

Richard W. McWhorter
- NMLS: 1618644
- FL: LO 44137
- GA: 57530

Contact Us

Central Florida Reverse
200 E Tillman Avenue
Lake Wales, FL 33898

Number:
(404) 313-9785

Hours:
MON-FRI 9AM - 5PM EST

McWhorter Mortgage, LLC, dba Central Florida Reverse Mortgage, NMLS 1486483, provides an Equal Housing Opportunity.  Information is subject to change without notice.  This is not an offer for extension of credit or a commitment to secure a loan.  Some restrictions may apply. McWhorter Mortgage is licensed in Florida and Georgia, call for referral recommendations in other states. This material is not from HUD or FHA and has not been approved by HUD or any government agency.