(626) 873-9971

A Comprehensive Guide to Reverse Mortgages:

Types and Requirements

Types of Reverse Mortgages

HECM Standard:



This is the most common type of reverse mortgage insured by the Federal Housing Administration (FHA). It offers the greatest flexibility in terms of payout options and is subject to FHA lending limits.

HECM Saver:


Introduced as a cost-effective alternative to the standard HECM, the HECM Saver typically offers lower upfront costs but may provide a smaller payout to the homeowner.

Proprietary Reverse Mortgages:



Offered by private lenders, proprietary reverse mortgages are not subject to FHA regulations. They maybe suitable for homeowners
with high-value properties who require more flexibility than what is offered by FHA-insured options.

Requirements for Obtaining a Reverse Mortgage:

While reverse mortgages offer financial flexibility, they come with specific requirements that homeowners must meet:

Age Requirement:

Homeowners must be at least 62 years old to qualify for a reverse mortgage. The older the homeowner, The
more funds they may be eligible to receive.


Home Ownership:

The property must be the homeowner's primary residence, and they must own the property outright or have a
significant amount of equity.


Financial Assessment:

Lenders will assess the homeowner's financial situation, including their income, credit history, and existing
debts, to ensure they can meet their ongoing financial obligations, such as property taxes and insurance.


Counseling:

Before obtaining a reverse mortgage, homeowners are required to undergo counseling with a HUD-approved counselor.
This counseling session provides valuable information about the implications of a reverse mortgage and helps homeowners evaluate whether it's the right option for them.

Property Eligibility:

The property must meet certain eligibility criteria, including being a single-family home, a one-to-four unit
and property with one unit occupied by the borrower, or an FHA-approved condominium or manufactured home.

At Scout Lending, we are committed to providing personalized guidance and support throughout the reverse mortgage process. Our team of experienced professionals will work closely with you to understand your unique financial goals and tailor a solution that meets your needs. Whether you're looking to supplement your retirement income, cover unexpected expenses, or enhance your quality
of life, a reverse mortgage could be the key to unlocking the equity in your home.

Supplement your retirement income with a reverse mortgage.

TALK TO US

Understanding How Reverse Mortgages Work with Scout Lending

At Scout Lending, we understand the importance of financial flexibility, especially during retirement. One innovative solution that many homeowners are considering to bolster their financial stability is a reverse mortgage. In this article, we will delve into the intricacies of reverse mortgages and shed light on how Scout Lending can assist you in unlocking the value of your home.

What is a Reverse Mortgage?

A reverse mortgage is a unique financial tool designed for homeowners aged 62 and older. Unlike a traditional mortgage, where
homeowners make monthly payments to a lender, a reverse mortgage allows homeowners to convert a portion of their home
equity into tax-free loan proceeds. Importantly, homeowners can receive this money without selling their homes or taking on new
monthly mortgage payments.

How Does a Reverse Mortgage Work?


Eligibility and Requirements:

To be eligible for a reverse mortgage, homeowners must meet certain criteria, including being
being 62 years of age or older , owning their home outright or having a low mortgage balance, and living in the home as their primary residence. Additionally, applicants are required to undergo a financial assessment to ensure they can meet the obligations associated with the loan.


Types of Reverse Mortgages:

There are different types of reverse mortgages, but the most common is the Home Equity Conversion
Mortgage (HECM), insured by the Federal Housing Administration (FHA). HECMs offer various payout options, including lump sum
payments, monthly installments, or a line of credit. These options provide homeowners with flexibility in choosing how to receive
their funds.


Loan Repayment:

One of the key advantages of a reverse mortgage is that repayment is typically not required until the last surviving
borrower passes away, sells the home, or no longer uses it as their primary residence. This feature allows homeowners to enjoy their
retirement years without the burden of monthly mortgage payments.

Scout Lending and Reverse Mortgages:


At Scout Lending, we specialize in providing personalized solutions to meet the unique financial needs of our clients. Our experienced
team is committed to guiding homeowners through the reverse mortgage process with transparency and expertise.


Expert Guidance:

Our knowledgeable loan officers will work closely with you to assess your financial situation, explain the intricacies of reverse mortgages, and help you determine if it's the right choice for you.


Competitive Rates and Terms:

Scout Lending is dedicated to providing competitive rates and favorable terms for our clients.
We believe in empowering homeowners with the financial tools they need to enjoy a comfortable retirement.


Customer-Centric Approach:

With a focus on customer satisfaction, Scout Lending strives to make the reverse mortgage process seamless and stress-free. We prioritize clear communication, ensuring that our clients have a full understanding of their financial options.

TALK TO US

“A reverse mortgage from Scout Lending can be a valuable financial tool for homeowners looking to
enhance their retirement lifestyle. By leveraging the equity in your home, you can enjoy greater financial freedom without the burden of monthly mortgage payments.
”



Contact Scout Lending today to explore how a reverse mortgage can work for you and help you achieve your retirement goals.

TALK TO US
TALK TO US

Stay in the loop

Subscribe to Exclusive Events, Unbeatable Offers, and
the Latest Industry Insights.

Site” refers to this Internet web site (https://scoutlending.com/) and its related services. “You” or “User” refers to a registered user of this Site. “Scout Lending” or “We” refers to Scout Lending.

This Site contains links to other sites. Scout Lending is not responsible for the privacy practices of the content of any other Web sites to which we link or to which we are linked. We encourage you to read the posted privacy statement whenever interacting with any web site. The Workspace. This area of the site is for the benefit of users. The private and shared workspace areas of the site help to facilitate communication and the exchange and sharing of information. The information contained in private workspaces shared between users and Scout Lending. is not used for any purposes other than to facilitate communication and the exchange of information between the parties involved. Information We Gather. Registration. If you register to use or provide services using Scout Lending, we may collect and store information that specifically identifies you or your account (“Personally Identifiable Information”). The required information may include your user ID, password, first name, last name, business name, address, city, state, zip/postal code, phone, fax, email and website address. We may, in the future, include other optional requests for information from you, to help us to tailor the site for you and deliver

personalized information to you. Online Surveys and Contests. Scout Lending may conduct online user surveys to collect information about our users’ preferences. These surveys are optional and if you choose to respond, your responses will be kept anonymous. Similarly, we offer contests to qualifying users in which we ask for contact and demographic information such as name, email address and mailing address.

Automatically Gathered Information. Scout Lending automatically collects your browser type and browser software version to tailor the presentation of the services to your platform and to maintain a record of your activity on the site. Scout Lending may also use cookies to enable users to specify unique preferences and to track user trends and patterns. Users always have the option of disabling cookies via their browser preferences. If you disable cookies on your browser, please note that some parts of our site may not function as effectively or may be considerably slower. As an automatic process, our web server software records a log file of IP addresses that access the site. We also collect IP address information but do not ordinarily link IP addresses to users Personally Identifiable Information. However, We can and will use IP addresses to identify a user when we, in our sole discretion, determine that it is necessary to enforce compliance with our Terms and Conditions of Use or to protect our service, site, customers or others.

Your Public Profile. As part of registration, You may be required to provide contact information such as name, address, city, state, zip, phone, fax and email address, some of which can be displayed to other users of our service in an effort to simplify communication between members. How We Use Information. Registration Information. We use Personally Identifiable Information for our own internal purposes including contacting you via email to inform you about updates to our services and providing you with other information that we deem necessary. We reserve the right to disclose your information as required by law. We do not rent or sell our users Personally Identifiable Information to third parties. Advertising. At this time we do not display banner advertising on our site, but we may send You email communications including information that we think may be of interest to you. You may opt out of receiving these promotional email communications, either when you register to become a member, or at any time thereafter by contacting us. Demographic Information, Surveys and Contests. The demographic information that Scout Lending collects in the registration process and through online surveys may be used to help us improve our services to meet the needs and preferences of our users. This may include targeting advertising to you about our services. Information we gather through a contest may also be disclosed

to third parties as necessary for prize fulfillment and other aspects of any contest or similar offering. Comments Submitted by Users. Scout Lending constantly seeks to improve the quality of the services we provide and the user experience on the site. We value your input and encourage you to help us expand and make improvements to the site by providing us with any thoughts or comments you might have regarding our services or the operation of the site. You can submit any comments by contacting us. If you provide this information, we will only use it to acknowledge or respond to your comments. In certain circumstances, we may ask for your permission to post your comments in marketing or promotional materials. Security. We will use commercially reasonable methods to keep Personally Identifiable Information securely in our files and systems. Please note that with current technology, we cannot guarantee the security of your data as it travels over the Internet.

How We Respond to Browser Do Not Track Requests Scout Lending and other parties not affiliated with us may collect Personally Identifiable Information about your online activities over time and across different websites when you use our website, or the services offered on our website. Industry standards regarding how to handle “Do Not Track” requests from web browsers are still evolving and there is currently no set of industry standards for handling such requests. As such we may not separately respond to or take any action with respect

to a “do not track” configuration set in your internet browser. At this time, we do not have any protocol in place that allows you to opt-out of internet tracking. If you have any questions regarding our internet tracking methods, please contact us.

Correcting/Updating/Deleting Your Information. To correct, update or delete your information, please contact us.

We save your Personally Identifiable Information unless you request deletion. If you request deletion, your Personally Identifiable Information cannot be recovered. You may continue to receive email communications for a short period of time until we have updated all of our databases. After deletion, your Personally Identifiable Information may remain on our archived database and records for a reasonable time as residual information. We will not use this residual information. Contacting Us. If you have any questions about this Privacy Agreement or the practices of this site, you may contact us .

Scout Financial Group Inc. DBA Scout Lending; NMLS #; www.NMLSConsumerAccess.org. Equal Housing Lender. Arizona License #1041599; California License #60DBO-149942; Colorado License #B-209837; Florida License #MBR4623; Georgia License #2187418; Texas License #B-209837; Washington License #CL-2187418;

NMLS #2187418. Go here for the Scout Lending NMLS consumer access page.

Links

Contact

  • 87 E Green St. STE 306 Pasadena,
    CA 91105
  • info@scoutlending.com
  • (626) 873-9971

Socials

Facebook Instagram Linkedin

Copyright ® 2023 Scout Financial Group Inc. Scout lending All rights Reserved

Join Our Newsletter

Subscribe

* indicates required
Country Code
Scout Financial Inc. - By providing your phone number and checking the box, you agree to receive promotional and marketing messages, notifications, and customer service communications from Scout Financial Inc.. Message and data rates may apply. Consent is not a condition of purchase. Message frequency varies. Text HELP for help. Text STOP to cancel.See terms.
Fill out the form below, and we will be in touch shortly.
Contact Information
Contact Info