Unlock Your Home’s Value with a Reverse Mortgage
At The Source, we offer reverse mortgage solutions that provide financial freedom, whether you want to supplement your retirement income, pay for healthcare, or make home improvements.
Applying won’t affect your credit score
Financial Flexibility for Homeowners
A reverse mortgage allows homeowners aged 55 and older to access the equity in their home without the need to sell or move. Unlike a traditional mortgage, you don't need to make monthly payments. Instead, the loan is repaid when you sell the home, or move out.
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How Much Can You Borrow?
Determining Your Loan Amount
The amount you can borrow through a reverse mortgage depends on several factors, including:
Your Age: The older you are, the more equity you can access.
Home Value: The higher the value of your home, the more you can borrow.
Current Interest Rates: Lower interest rates typically allow for higher loan amounts.
Existing Mortgage: If you have an existing mortgage, it will need to be paid off as part of the reverse mortgage process.
Our team will help you determine how much you can borrow and provide a detailed breakdown based on your situation.
Curious About Mortgage Rates?
We help you assess your budget, risk tolerance, and financial goals to choose the best mortgage rate for your needs.
Reverse Mortgage FAQ
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A reverse mortgage allows homeowners aged 55 and older to access the equity in their home without making monthly mortgage payments. Instead of paying the lender, the lender pays you, either as a lump sum, monthly payments, or a line of credit.
The loan is repaid when you sell the home, move out, or pass away. The best part? You remain the homeowner and can stay in your home as long as you wish.
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The amount you qualify for depends on:
Your age (you must be 55 or older).
The value of your home (higher-value homes qualify for more).
Your home’s location and condition.
Typically, you can access up to 55% of your home’s equity, and the funds are tax-free.
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Reverse mortgages provide financial flexibility without selling your home. Key benefits include:
No monthly mortgage payments – The loan is repaid when you sell or move out.
Tax-free cash – Unlike other income sources, reverse mortgage funds are not taxable.
Keep homeownership – Stay in your home and use the equity for retirement, renovations, or medical expenses.
No negative equity guarantee – You’ll never owe more than the home’s value.
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While a reverse mortgage provides financial freedom, it’s important to consider associated costs:
Interest rates are slightly higher than traditional mortgages.
Setup fees include appraisal, legal, and administrative costs.
Equity reduction – Since interest accumulates, the remaining equity in your home may decrease over time.
We help you weigh the pros and cons to see if a reverse mortgage is the right choice for your retirement plans.
How to Apply for a Reverse Mortgage
Applying for a reverse mortgage is easy and straightforward:
Initial Consultation: Speak with one of our mortgage specialists to assess your needs.
Application: Submit the necessary documents, including proof of homeownership and your financial details.
Property Appraisal: We’ll arrange an appraisal of your home to determine its current value.
Offer and Agreement: Once approved, you’ll receive an offer outlining the loan terms and amount you can borrow.
Loan Disbursement: After acceptance, the funds will be disbursed to you, either as a lump sum, monthly payments, or a line of credit.
Our team will guide you through every step of the application process.
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