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Reverse Mortgages in Paramount
Paramount has many longtime homeowners who bought decades ago and now sit on substantial equity. Reverse mortgages let you tap that equity without selling or taking on monthly payments.
Most Paramount borrowers use reverse mortgages to eliminate existing mortgage payments or supplement fixed incomes. The equity you've built becomes a financial tool instead of just a number on paper.
You must be 62 or older with significant equity in your primary residence. The home needs to meet FHA property standards, and you're responsible for taxes, insurance, and maintenance.
We'll review your income and credit to confirm you can cover property charges long-term. This isn't about approval—it's about making sure the loan fits your financial situation.
Most reverse mortgages are HECMs backed by FHA, which caps how much you can borrow based on age and home value. A few portfolio lenders offer jumbo reverse mortgages for higher-value properties.
We shop rates across HECM lenders because costs vary significantly. Origination fees, mortgage insurance, and interest rates all affect how much equity you preserve for heirs.
Many Paramount homeowners explore reverse mortgages to eliminate existing mortgage payments. That's often the best use case—converting a monthly expense into zero monthly outflow.
The biggest mistake is treating this like free money. Interest compounds over time and the balance grows. If you plan to leave the home to heirs, discuss how the loan affects their inheritance.
Home equity loans and HELOCs require monthly payments, which defeats the purpose for most retirees. Reverse mortgages let you access equity without adding to monthly expenses.
If you need a lump sum for a specific expense, a HELOC might cost less long-term. But if you want to eliminate payments or create steady income, reverse mortgages work better for fixed-income borrowers.
Paramount's property values have climbed steadily, giving longtime owners more borrowing capacity than they had five years ago. Higher equity means larger reverse mortgage proceeds.
Many Paramount borrowers have existing mortgages from purchases or refinances years back. The reverse mortgage pays off that balance first, then any remaining proceeds go to you as cash, credit line, or monthly payments.
Only if you stop paying property taxes, homeowners insurance, or let the home fall into disrepair. As long as you meet those obligations and live there, you keep the home.
Your heirs can repay the loan and keep the home, or sell the property and keep any equity above the loan balance. They're never responsible for more than the home's value.
It depends on your age, home value, and current interest rates. Older borrowers with more valuable homes qualify for higher amounts, typically 40-60% of home value.
Yes. Your name stays on the title and you maintain ownership. The lender has a lien, just like any mortgage, but you control the property.
Yes. The reverse mortgage pays off your existing mortgage first, which eliminates your monthly payment. You receive any remaining proceeds based on your age and home value.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.