What is a Reverse Mortgage Loan?

Benefits of Reverse Mortgage Loans

No Monthly Mortgage Payments: Borrowers are not required to make monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the home, moves out permanently, or passes away.

Access to Tax-Free Funds: The funds received from a reverse mortgage are generally tax-free and can be used for any purpose, such as paying off debts, covering healthcare costs, or improving your home.

Retain Home Ownership: You retain ownership of your home and can live in it for as long as you wish, provided you meet the loan's requirements, such as paying property taxes and maintaining the property.

Flexible Disbursement Options: Choose from a variety of disbursement options, including a lump sum, monthly payments, or a line of credit, to best meet your financial needs.

WHY CHOOSE US

What We Offer To You

Welcome to Las Vegas Mortgage, where we specialize in providing tailored reverse mortgage solutions for homeowners looking to access the equity in their homes. As a dedicated reverse mortgage loan specialist, I am committed to helping you understand and navigate the unique benefits and requirements of reverse mortgages, offering a secure and reliable option for enhancing your financial stability.

Expertise in Reverse Mortgages

Our team at Las Vegas Mortgage has extensive experience in reverse mortgage lending. We provide expert guidance to help you understand the complexities of reverse mortgages and determine if this option is right for you

Personalized Service

We recognize that every homeowner's situation is unique. Our personalized approach ensures that you receive the best possible solution tailored to your specific needs and financial goals.

Seamless Process

Our DSCR loans offer a streamlined application process, focusing on the property's cash flow and income-generating potential. This approach simplifies the qualification process, making it easier for investors to secure the necessary financing.

Education and Transparency

We are committed to educating our clients about the benefits and responsibilities associated with reverse mortgages. We provide clear and transparent information, helping you make informed decisions about your financial future.

Local Expertise

As a locally-based mortgage company, we have a deep understanding of the Las Vegas real estate market. Our insights and connections enable us to offer you valuable advice and assistance, whether you're buying a home in the city or the surrounding areas

Comprehensive Loan Options

We offer a wide range of mortgage products, including FHA, VA, conventional, and jumbo loans. This diverse selection allows us to tailor our offerings to meet your specific financial needs and goals, ensuring you get the most suitable loan product for your situation.

Mortgage Pre-Approval

Secure your financing before you start shopping. Our pre-approval process is quick and easy, giving you a clear understanding of your budget and making you a more attractive buyer. Start your journey with confidence!

House Shopping

Explore a wide range of properties that fit your needs and lifestyle. Whether you're looking for your first home, a vacation retreat, or an investment property, our team is here to guide you through the search and help you find the ideal match.

Loan Application

Complete your mortgage application with our streamlined and user-friendly process. Our experienced loan officers will assist you every step of the way, ensuring all your questions are answered and your application is processed smoothly. Let us help you make your homeownership dreams a reality!

WHAT’S THE BEST

Mortgage Programs

At Las Vegas Mortgage, we offer a variety of mortgage programs tailored to meet your unique financial situation and goals. Whether you're a first-time homebuyer, a seasoned investor, or somewhere in between, we have the perfect loan solution for you.

Specific Programs

FHA Loans: Ideal for those with lower credit scores or limited down payment funds.
Conventional Loans: Flexible options with competitive rates for a range of borrowers.
USDA Loans: Great for rural property buyers, offering zero down payment.
VA Loans: Exclusive benefits for veterans and active-duty military members.
DSCR Loans: Perfect for real estate investors focusing on cash flow properties.
Bank Statement Loans: Designed for self-employed borrowers who need to show income differently.
ITIN Loans: Accessible options for those without a Social Security number.
Foreign National Loans: Financing solutions for non-U.S. citizens.
Fix and Flip Loans: Short-term financing for property renovation and resale.
Cannabis Industry Loans: Tailored loan options for professionals in the cannabis sector.
1099 Loans: Options for independent contractors and freelancers with 1099 income.
Private Money Loans: Quick and flexible funding for unique situations or investments.

MAKE AN APPOINTMENT

OUR TEAM

Our Staff Profiles

KeVIN SCHANDA

SENIOR MORTGAGE ADVISOR

NMLS 93971

JONATHAN FESSER

MORTGAGE ADIVSOR

NMLS 2225687

BONNIE CLOCKEL

MORTGAGE ADVISOR

NMLS 1906508

Frequently Asked Questions

What Are Reverse Mortgage Loans?

A reverse mortgage loan is a financial product designed for homeowners aged 62 and older, allowing them to convert a portion of their home equity into cash. Unlike traditional mortgages, reverse mortgages do not require monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the home, moves out permanently, or passes away. This can provide a valuable source of income for retirees looking to supplement their retirement funds, cover medical expenses, or improve their quality of life.

How Do Reverse Mortgages Work?

Reverse mortgages enable eligible homeowners to borrow against the value of their home, with the loan amount determined by factors such as the home's value, the homeowner's age, and current interest rates. Borrowers can choose to receive the funds as a lump sum, a line of credit, monthly payments, or a combination of these options. The loan balance increases over time as interest accrues, and the homeowner retains ownership of the property as long as they meet the loan's requirements.

What Are the Costs Associated with a Reverse Mortgage?

Reverse mortgages typically include closing costs, origination fees, mortgage insurance premiums, and servicing fees. These costs can be financed into the loan, meaning you do not have to pay them out of pocket. However, they will reduce the amount of equity available to you.

What Happens to My Home When the Reverse Mortgage Becomes Due?

The reverse mortgage becomes due when the homeowner sells the property, moves out permanently, or passes away. At that point, the loan must be repaid, typically through the sale of the home. Any remaining equity after the loan is repaid goes to the homeowner or their heirs

Can I Lose My Home with a Reverse Mortgage?

You can remain in your home for as long as you continue to meet the loan obligations, such as paying property taxes, homeowners insurance, and maintaining the property. Failure to meet these obligations can result in the loan becoming due and payable, potentially leading to foreclosure.