Overview
Live Mortgage specializes in helping seniors find the best reverse mortgage lender, product, and terms for their unique situation.
Live Mortgage offers Jumbo Reverse Mortgages from multiple lenders, and as well as the Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages. These loans are insured by the Federal Housing Administration, designed to increase cash flow and provide financial confidence.
NMLS #2619365
Suitable For?
Live Mortgage's services are particularly suitable for seniors who wish to utilize their home equity to enhance their financial situation without selling their property. Whether the goal is to supplement retirement income, cover medical expenses, or support family members, Live Mortgage offers solutions that cater to these needs. Their personalized approach ensures that each client receives guidance tailored to their specific circumstances and objectives.
Types of Loans/Products
Live Mortgage offers the following home equity products:
- Home Equity Conversion Mortgage (HECM): A federally insured reverse mortgage allowing homeowners aged 62 and older to convert part of their home equity into cash. Repayment is deferred until the homeowner sells the home, moves out permanently, or passes away.
- Jumbo Reverse Mortgages: Similar to HECM, this loan enables seniors in higher valued homes to access more of their home’s equity without monthly mortgage payments, providing funds that can be used for various purposes.
The Application Process
Applying for a home equity product with Live Mortgage involves the following steps:
- Initial Consultation: Discuss financial goals and assess eligibility with a licensed expert.
- Compare Options: Live Mortgage models various scenarios to present the most favorable options.
- Review and Decision: Clients review the presented options and decide on the best fit for their needs.
- Application Submission: Complete and submit the necessary documentation for the chosen product.
- Approval and Funding: Upon approval, funds are disbursed as agreed, and clients can begin utilizing their home equity.
Rates and Terms
Generally, reverse mortgages and HECMs do not require monthly repayments; instead, the loan balance is typically repaid when the homeowner sells the property, moves into long-term care, or passes away. To obtain rates and terms schedule a consultation with a reverse mortgage expert.
Help & Support
Live Mortgage offers support through various channels:
- Phone: 1-800-999-3319 (Monday – Friday, 7 am – 4 pm PST)
- Email: contactus@livemortgage.com
- Mailing Address: 2795 E. Cottonwood Parkway, Suite 300, #1048, Salt Lake City, UT 84121
Clients can schedule a free consultation to explore their options and receive personalized guidance.
Summary
Live Mortgage offers HECMs and multiple jumbo reverse mortgages, helping seniors access home equity while retaining homeownership. With personalized guidance and dedicated support, it provides financial flexibility tailored to individual needs.
FAQs
- What is a Home Equity Conversion Mortgage (HECM)?
A HECM is a federally insured reverse mortgage that allows homeowners aged 62 and older to convert part of their home equity into cash, with repayment deferred until the home is sold, the homeowner moves out permanently, or passes away. - How can I use the funds from a reverse mortgage?
Funds can be used for various purposes, including supplementing retirement income, covering medical expenses, home renovations, or assisting family members. - Will I still own my home with a reverse mortgage?
Yes, homeowners retain ownership of their home with a reverse mortgage. The loan is repaid when the home is sold or the homeowner no longer occupies the property as their primary residence. - Are there any restrictions on how I can use the money from a home equity loan?
No, there are typically no restrictions on how you can use the funds from a home equity loan. You can use the money for any purpose, such as home improvements, debt consolidation, or other expenses. - How do I know if a reverse mortgage is right for me?
It's important to consult with one of Live Mortgage’s specialists to assess your individual situation and determine if a reverse mortgage aligns with your financial goals.
Disclaimer
AI was used in the generation of this content, along with human verification.
