Reverse Mortgages

Doorway offers Reverse Mortgages that allow 62 or older senior homeowners with considerable home equity to borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit, while still living in the home.

Reverse Mortgages work by using part of the homeowner’s home equity first to pay off the home’s existing mortgage if there is still a balance. Monthly payments are not required but can help reduce monthly interest rates. After paying off the existing mortgage, the reverse mortgage lender will pay any remaining equity from the new loan. If the mortgage is already paid off, all the proceeds will be paid out.

Requirements:

All borrowers must be at least 62 years old
The home must be owned or have at least 50% equity
The home must be a primary residence
The borrower must meet with a Department of Housing and Urban Development counselor prior to applying

Recommended Next Step:
You may still have many questions about this or other mortgage loans. Please take a few minutes to fill out a loan application with Doorway Home Loans. One of our local Home Finance Specialists will be in touch to understand your goal and take you through your eligible options.
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Reverse Mortgages

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