Do I Still Own My Home...If I Get a Reverse Mortgage?

Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

Do I Still Own My Home...If I Get a Reverse Mortgage?

Yes, you do!

A reverse mortgage is a viable option for seniors who want to remain in the house they've called 'home' for most of their life. Whether it be because they are comfortable in their home, they want to remain close to family or friends or don't want to relocate, a reverse mortgage can be the solution. 


A reverse mortgage, or Home Equity Conversion Mortgage (HECM) allows you to tap into the equity your home has accumulated during your working years and can be a source of wealth at a time when the retirement savings gap has reached $14 trillion

A common fear among homeowners, looking into reverse mortgage, is that they will lose ownership of their home.

I want to stress that this is NOT true.

Homeowners who get a reverse mortgage retain full ownership of your home. Just like any other mortgage, however, the lender has a lien against your property.

The good news is, with a reverse mortgage, you do not have to make monthly payments, at all. Your only financial obligations are property taxes, homeowners insurance and maintaining the property, which, as a long time homeowner, you already pay. 

The loan becomes due and payable when the borrower permanently leave their primary residence, meaning they either move, sell, or pass away. This does not mean you can't go on vacation either. You can, but make sure you aren't out of your primary residence for longer than 12 consecutive months. 

When the loan is repaid in full (closing costs, cash advances and interest accrued), either by the borrower or their heirs, any remaining equity is given to the borrower or their heirs. For example, if the primary residence increases in value faster than the borrower uses the loan, the remaining balance can be a source of income for the heirs after the borrower's passing.

In addition, as a non-recourse loan, the borrower is not responsible for any amount over the current value of the primary residence.

APS Financial Services, a reverse mortgage company in Florida, we offer all the reverse mortgage options available for a retiring or retired senior homeowner. Make sure your retirement is liberating, not suffocating. Give us a call at (888) 845-6630 or send us an email at We do not pressure those who inquire, we are simply here to help.

Click here for more information about the elimination of the reverse mortgage program as we know it:

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC


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Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

Morning Phil, this is a great product for those over 62, that have been dealt a blow to their retirement plans, ie: 401ks and pensions in wall street.  What I truly like is the ability for homeowners with lots of equity to scale down in size of home if needed to fit their requirements, OR even move up is size to accommodate other wishes! 

Sep 04, 2013 12:09 AM #1
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Dan, that is very true. The program itself is very flexible and able to accommodate many changes in the lives of retirees. For many, it's a very worthwhile solution.

Sep 04, 2013 12:11 AM #2
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Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
Ask Me About the NEW Reverse Mortgage Program!
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