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Benefits of Reverse Mortgages

Reverse mortgage programs have been rapidly growing in popularity in recent years and today; hundreds of thousands of homeowners are using reverse mortgages to improve their quality of life for their retirement years.

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Reverse Mortgage Qualifications

One of Gateway Bank Mortgage’s Reverse Mortgage Bankers can help you determine whether or not you may qualify for HECM reverse mortgage financing and which products best suit your financial goals.

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FHA HECM Reverse Mortgages

HECM loans are backed by HUD and insured by the FHA. Borrowers must be 62 or older, and either own their homes outright or have a low enough balance that their mortgages can be paid off with a reverse mortgage.

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Education Center

Receiving Payments

The amount a person can borrower depends on a number of factors including the borrowers age, current interest rates, and the value of the property. In the case of the HECM program (Home Equity Conversion Mortgage), the FHA loan limit will be taken into consideration.

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Reverse Mortgage Costs

Almost every reverse mortgage has an origination fee, which is paid to the lender for processing the loan. In the case of a HECM, the lender/broker can charge up to $2,500 if your home is worth less than $125,000. If the property is valued over $125,000, the lender can charge up to 2% of the value up to $200,000 and 1% of the amount over $200,000. FHA – HUD regulates the maximum origination fee at $6,000.00.

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Property Ownership

Just like a traditional mortgage, the borrower owns the property and the mortgage is simply a lien on the property. Once the borrower either dies, sells the property, or moves, payment is due on the mortgage. Any equity belongs to the borrower and their heirs.

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Reverse Mortgage FAQs

We’ve compiled a comprehensive section on the most frequently asked questions related to reverse mortgage financing. Please browse the FAQs and don’t hesitate to contact us with any questions. We’re here to help.

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Customer Feedback next prev

  • We can't say enough about how wonderful, knowledgeable, patient and kind Richard was through this whole process. We were never under pressure to make any decisions; in fact, if Richard didn't think this was a very positive move for us, believe me when I say he would have let us know. His honesty, dedication, and commitment in helping us understand what a Reverse Mortgage is how much it helped us and our future, is comforting and refreshing. Anyone who has the opportunity to meet Richard and guide them through a a Reverse Mortgage will forever be grateful and blessed.

    RB - Virginia Beach, VA

  • I recently made a decision to do a reverse mortgage with my home! As a recently widowed woman, I found that my finances had decreased to the point that it was impossible for me to make mortgage payments and remain in my home without some type of financial solution! After much research, I finally selected Gateway Bank Mortgage. Everything was done to accommodate me, and make the loan process easier. I found the process with Gateway and Greg so rewarding that I have recommended them to all of my friends and family who may be interested in pursuing this financial avenue. I definitely feel that I made the right decision, and have no regrets whatsoever. God Bless Greg, Nancy and the whole Gateway family!!!

    Mary J. - Eure, NC

  • Dear John Perritt, I am writing to convey my heart-felt gratitude for your time and your inherent sensitivity in carefully explaining every aspect of the Reverse Mortgage program to me. I am a member of the generation of Americans for whom the concept of buy now and pay later is so foreign that is both suspect and unsettling. Sadly, as we age the homes we worked diligently to pay for and maintain can un-expectantly feel like a burden. We are often torn between holding on to a bit of cash to cover ourselves in the event of a health related emergency and taking on costly repairs to our homes. This program eliminates that quandary for me. Again, I am grateful for the sensitivity you and Nancy Grimm both exhibited throughout the process.

    DR - Creswell, NC

  • We are so grateful to Greg Gianoplus and Nancy Grimm at Gateway Bank in Wilmington, NC for guiding us through the reverse mortgage process with such ease! By breaking down each stage into easy to follow tasks, we always knew what to expect next. With Greg’s extensive knowledge of the reverse mortgage scenarios, he helped us pick the very best options for our situation and gave us new solutions to maximize our dollars now and in the future. Nancy’s excellent customer service kept the process rolling and all our questions were answered with efficiency and expertise. It is such a great feeling of security to have the reverse mortgage completed and a credit line in place when and if we need it. We felt like VIP’s with their follow up calls and individualized attention to our particular needs!

    AC - Wilmington, NC