A reverse mortgage allows people over 62 to access some of the equity in their home, helping them fund a more comfortable retirement. Importantly, with a reverse mortgage you continue to own and live in your home.
Many types of mortgages exist conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more. Each mortgage loan may require certain down payments or specify standards for loan amount, mortgage insurance, and interest. No two home buyers are the same, here at Dream House Mortgage we can help you choose the type of loan that works best for you.
Individuals 62 years & older who live in the property OR will live in a new home as their primary residence
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Good credit takes work, and if you’ve built some outstanding credit, you deserve nothing less than an excellent rate!
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An affordable loan for more than just first-time home buyers and their families.
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We have partnered with National Homebuyers Fund, Inc. (NHF) to provide the down payment assistance program, NHF, through Superior Mortgage
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First-time homebuyers and low-to-moderate-income borrowers receive low down payments and a flexible source of funds.
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Whether you are looking to invest in a summer rental, investment property, or new luxury home, we say YES to mortgages up to 2.5 million!
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Not seeing the mortgage and financial options you were looking for? See our complete list of programs and offerings.
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When using a USDA loan to purchase a home, it must be in a designated area covering several suburban and rural locations.
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The Veterans Administration program is an exceptional option for those who want to purchase a home without putting money down.
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Individuals 62 years & older who live in the property OR will live in a new home as their primary residence
Learn more
Good credit takes work, and if you’ve built some outstanding credit, you deserve nothing less than an excellent rate!
Learn more
An affordable loan for more than just first-time home buyers and their families.
Learn more
We have partnered with National Homebuyers Fund, Inc. (NHF) to provide the down payment assistance program, NHF, through Superior Mortgage
Learn more
First-time homebuyers and low-to-moderate-income borrowers receive low down payments and a flexible source of funds.
Learn more
Whether you are looking to invest in a summer rental, investment property, or new luxury home, we say YES to mortgages up to 2.5 million!
Learn more
Not seeing the mortgage and financial options you were looking for? See our complete list of programs and offerings.
Learn more
When using a USDA loan to purchase a home, it must be in a designated area covering several suburban and rural locations.
Learn more
The Veterans Administration program is an exceptional option for those who want to purchase a home without putting money down.
Learn more
Hit the “Apply Now” button and one of our licensed mortgage professionals will contact you.
Complete our simple application using our user-friendly portal.
Work with our knowledgeable team to find out what loan
options are best for you.
Gather all the necessary documentation to get an
approval and begin shopping for your dream home.
MONTHLY PAYMENT
Principal & Interest
$0.00
Monthly Taxes
$0.00
Monthly HOA
$0.00
Monthly Insurance
$0.00
* Hypothetical monthly mortgage payments reflect hypothetical Principal, Interest, Taxes, Insurance, and Home Owners Association dues amounts. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer. **This does not constitute tax advice.
Here at Dream House Mortgage, we specialize in residential and commercial loans. You can count on us to provide the best products and services available!
Whether you are purchasing, refinancing, or need a home equity loan, even if you don’t have pristine credit, we can help find a competitive solution to meet your needs.
When you call us, we work directly with you because we know the importance of personally guiding you through the process of financing a property.
The right time to buy a house is when it makes sense financially for you and for your lifestyle. You’ll want to do a calculation of the total cost of ownership to see if it makes financial sense for you. At Dream House Mortgage we can help you compare your cost of your current situation, whether it’s renting or owning a different home, to what the picture would look like if you bought a new home today.
Mortgage interest rates are different from federal interest increases. Mortgage rates are related to the 10-year treasury note, not the federal rate. So, to keep an eye on the mortgage interest rates, just focus on what the mortgage rates are doing. Even with recent increases in mortgage rates, the current rates today are low when you look at where they’ve been in the last 10 to 20 years. So don’t get spooked by slightly higher rates in an era of historically super low rates!
Conventional loans start as low as 5%, or 3% for qualified first-time home buyers. FHA requires only 3.5% down and buyers who qualify can receive down payment assistance and qualify with a 0% down payment.
No, certain employment situations can allow buyers to still qualify without the 2-years of continuous employment. Self -employed borrowers might be able to use only 1 year of employment income to qualify for the purchase of the home.
You’re required to make monthly mortgage payments when you obtain a reverse mortgage.
You aren’t required to make monthly mortgage payments, but you can pay your loan early if you’d like.
Your children will be left with the debt.
Rest assured that your heirs won’t inherit the debt. If there’s a debt on your loan, your estate (heirs, children, etc.) has several options.
You won’t be able to sell your home if you get a reverse mortgage.
You can sell your home and pay the reverse mortgage with your earnings.
Your heirs won’t be able to inherit the property.
If you’d like, you can leave the home for your heirs to inherit. When the borrower passes away, heirs will have the opportunity to purchase the home at 95% of the home’s appraised value and repay the loan when the time comes, but they don’t have to.
You could get forced out of your home.
One of the purposes of a reverse mortgage is to help you live out your retirement in your home. As long as you meet the loan responsibilities outlined, such as paying property taxes on time, staying on top of home insurance, and keeping the home in good condition, you’ll be able to enjoy your retirement in your property.
You can only use a reverse mortgage for certain expenses.
You can use your reverse however you want. This includes home renovations, travel, medical expenses, and more.
The reverse mortgage loan balance comes due when the homeowners move or pass away. Repayment can be completed with a home sale or by releasing the property back to the lender. If passed down, the heirs will never owe more than the home’s appraised value. If the value is less than the loan balance, they will owe up to 95% of the appraised value or they can release it to the lender.
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