NOVA, an FHA approved lender, offers the only reverse mortgage insured by the U.S. Federal Government: The Home Equity Conversion Mortgage (HECM). This enables homeowners 62 and older to access their home’s equity as a tax-free* loan while eliminating their monthly mortgage payments.
The borrower keeps ownership of the home, which becomes subject to a lien held by NOVA. The borrower is required to live in and maintain the home, and pay all property related expenses. The loan does not have to be repaid until the borrowers leave, or the home is sold.
Common uses of a reverse mortgage include:
Eliminating current monthly payments.
Paying for monthly living expenses.
Paying for prescriptions and medical bills.
Home repair or improvement.
Retiring securely and comfortably.
The Home Equity Conversion Mortgage can be a smart, tax-efficient solution for homeowners 62 and older. However, there certain program and eligibility guidelines that have to be met. It’s important to learn more about this program before deciding if it’s right for you.
Talk to a NOVA Home Loan Officer to see if this is a good fit for your financial situation and personal goals.
*NOVA Home Loans is not a tax advisor and does not offer tax advice. Consult a professional tax professional about available mortgage tax benefits.
The Program information shown is for informational/educational purposes only and does not represent a commitment to lend or extend credit. Other terms and conditions may apply. Contact your Loan Officer for more details.
