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Learn how older Americans can relocate, downsize, or upsize to a new primary residence, by investing as little as 25%-50%, AND have NO monthly mortgage principal and interest mortgage payments* over the life time of the loan. 

 

*must maintain property as primary residence and keep property taxes, insurance and HOA dues current

Use our free Life Expectancy Set Aside (LESA) calculator to educate yourself on the amount needed to set aside funds to pay property charges, including homeowners insurance, property tax, and HOA dues. A LESA sets aside a portion of your reverse mortgage line of credit for the purpose of paying these future charges, giving you peace of mind. (Enter annual amounts.)* Legal

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Homeowners Ins.
Flood Insurance
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HECM Updates: What Do They Mean For New Borrowers?

February 21, 2018

Like any other government regulated programs, the reverse mortgage industry experiences regular updates as mandated by the Department of Housing and Urban Development (HUD). Our reverse mortgage specialists can answer your specific questions, but this broad overview of the recent changes to the Home Equity Conversion Mortgage program (HECM) will ensure you’re an educated borrower.

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Reverse Mortgages Mean Staying Ahead of Home Repairs

February 16, 2018

A reverse mortgage offers homeowners age 62 and older an affordable avenue to access their home equity. For some, this provides an opportunity to pursue a lifelong dream, while others may simply make it a part of their retirement strategy.

In any case, tapping into your home’s value also makes you contractually obligated to be a responsible homeowner.

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Reverse Mortgage

Stability and success are important at every stage in your life. For those exploring the benefits of reverse mortgages, we understand that your families and your security are paramount. We provide quality, dependable customer care you can trust.

Buying a home

Open Mortgage also offers HECM for Purchase (H4P), which lets seniors 62 and older combine two financial transactions — a down payment with a reverse mortgage loan — to purchase a new home.

Refinancing a home

Take advantage of a lower rate that could reduce your monthly payment or change the term of your loan. Our outstanding customer service and commitment to provide transparent communications means that Open Mortgage makes your priorities our mission.

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