Unlock the Equity in Your Home
At Contemporary Mortgage Services, we offer reverse mortgages to help homeowners aged 62 and older convert a portion of their home equity into cash. This financial tool provides additional income while allowing you to remain in your home. Whether you need to supplement retirement income, cover healthcare expenses, or fund home improvements, a reverse mortgage can provide the financial flexibility you need.
A reverse mortgage — also known as a Home Equity Conversion Mortgage (HECM) — allows you to convert part of your home's equity into cash without making monthly mortgage payments. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
Benefits of a Reverse Mortgage
Supplemental Income
Convert home equity into cash to supplement retirement income and improve financial security.
No Monthly Payments
Eliminate existing monthly mortgage payments and free up funds for other needs.
Stay in Your Home
Continue living in your home and retain ownership while accessing the equity you've built.
Non-Recourse Loan
You or your heirs will never owe more than the value of the home when the loan is repaid.
Flexible Disbursement
Receive funds as a lump sum, monthly payments, a line of credit, or a combination.
Is a Reverse Mortgage Right for You?
A reverse mortgage might be the right choice if you:
- Are 62 years of age or older
- Own your home outright or have a low mortgage balance that can be paid off with the reverse mortgage proceeds
- Need additional income to cover living expenses, medical costs, or home improvements
- Want to eliminate monthly mortgage payments and improve your cash flow
- Plan to remain in your home for the foreseeable future
Our Reverse Mortgage Options
We offer a range of disbursement options to suit your needs:
Lump Sum
Receive all your funds at once — ideal for large expenses or debt consolidation.
Monthly Payments
Get a steady stream of monthly income to help with ongoing living expenses.
Line of Credit
Access funds as needed, giving you flexibility and control over your finances.
Combination
Customize with a mix of lump sum, monthly payments, and line of credit.
The Application Process
Securing a reverse mortgage with Contemporary Mortgage Services is simple and straightforward:
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Consultation — Speak with one of our experienced Loan Originators to discuss your financial situation and determine if a reverse mortgage is right for you.
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Counseling — Participate in a mandatory counseling session with a HUD-approved counselor to ensure you fully understand the loan terms and options.
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Application — Complete the reverse mortgage application with our team's guidance, ensuring all necessary documentation is provided.
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Approval — We'll process your application and, once approved, finalize your loan terms.
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Closing — Sign the final documents and access your funds according to your chosen disbursement method.