New American Funding Reverse Mortgage Reviews
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About New American Funding Reverse Mortgage
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New American Funding Reverse is the reverse mortgage division of New American Funding, a multichannel mortgage services provider. It specializes in Home Equity Conversion Mortgages (HECMs) for homeowners age 62 and older who want to convert their equity into usable funds. The division offers multiple disbursement options and allows borrowers to remain in their homes without making monthly mortgage payments.
- No monthly mortgage payments required
- Tax-free money from home equity
- Multiple disbursement options available
- Stay in your current home
- Limited to homeowners 62 and older
- Reduces equity available to heirs
- Loan balance increases over time
- Must maintain property and pay taxes
What is New American Funding Reverse?
New American Funding Reverse is the reverse mortgage division of New American Funding, operating as part of Broker Solutions. The division focuses exclusively on HECMs, which are federally insured reverse mortgages available to homeowners age 62 and older.
New American Funding Reverse services
New American Funding Reverse offers federally insured HECMs. These reverse mortgages allow homeowners age 62 and older to convert a portion of their home equity into cash without making monthly mortgage payments. You can use the funds to pay off an existing mortgage, cover living expenses or meet other financial needs.
The company offers multiple disbursement options, including a lump sum, monthly payments and a line of credit, so you can choose the structure that best fits your retirement goals and cash-flow needs.
New American Funding Reverse cost
New American Funding Reverse doesn’t publish specific pricing information on its website. However, with the most common type of reverse mortgage — a government-backed HECM — you can expect to pay up to $6,000 in origination fees, plus an FHA mortgage insurance premium, third-party charges and servicing fees.
Total costs vary based on factors such as your home’s value, the loan amount and the age of the youngest borrower. To get an accurate estimate, you’ll need to request a personalized quote based on your financial situation and details about the property you own.
New American Funding Reverse FAQ
What age do you need to be to qualify for a reverse mortgage?
You must be at least 62 years old to qualify for a reverse mortgage. If there are multiple borrowers, the youngest borrower must meet the age requirement.
Do you have to make monthly payments on a reverse mortgage?
No, monthly mortgage payments aren’t required as long as you live in the home as your primary residence. You must still pay property taxes and homeowners insurance, and you must also maintain the property.
Is the money from a reverse mortgage taxable?
No, money received from a reverse mortgage isn’t considered taxable income. The money represents a loan against your home equity rather than income.
What happens to my home when I pass away?
If you’re the last borrower to permanently leave the home or pass away, your loan will become due. Your heirs can either repay the loan and keep the home, or they can sell the property to satisfy the debt.
Is New American Funding Reverse worth it?
Yes, New American Funding Reverse can be worth it if you want to turn your home equity into cash without taking on a monthly mortgage payment. For homeowners age 62 and older with significant equity, it can provide added financial flexibility in retirement, whether you’re covering living expenses, paying off an existing mortgage or managing health care costs.
However, the value depends on your long-term plans. A reverse mortgage reduces the equity in your home and can affect what you leave to heirs. It also requires you to keep up with property taxes, homeowners insurance and home maintenance. If you plan to stay in your home long-term and can meet those obligations, an HECM from New American Funding Reverse may be a practical way to access funds you’ve already built up.
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New American Funding Reverse Mortgage Company Information
- Company Name:
- New American Funding Reverse Mortgage
- Website:
- www.newamericanfunding.com