About Reverse Mortgages

A reverse mortgage, HECM or H4P loan are different ways of referring to a loan that is ideal for older borrowers wanting to convert a portion of their home equity into extra cash, a tax free cash flow.

Benefits of Reverse Mortgages

VIP Mortgage has a dedicated Reverse Mortgage team, specializing in helping older borrowers convert a portion of the equity in their home into cash flow. The program is often referred to as a Reverse Mortgage or a Home Equity Conversion Mortgage (HECM). It is a safe, non-recourse mortgage solution to those 62-years and older with no pension benefits.

  • Under certain payment options, reverse mortgage payments can be in excess of the home’s value, never owing more than the home’s value.
  • Under certain payment options, reverse mortgage payments can be in excess of the home’s value, never owing more than the home’s value.
  • Doesn’t require loan repayment until the last surviving borrower dies, the home is sold, or the borrower permanently moves out of the home; and, there is no pre-payment penalty.
  • No increased risk of missing payments and defaulting on the loan - risking the loss of the home. This can only happen by defaulting on property taxes, homeowner insurance or failing to maintain the home.
  • Your name will always remain on home, meaning the lender does not own your home, and in most reverse mortgage situations, the borrower keeps the family home for their heirs.
VIP is a long standing, active member of the National Reverse Mortgage Lender Association.

VIP’s Reverse Mortgage team will walk you through the process of getting a Reverse Mortgage, H4P loan in Peoria.

Getting Started - Reverse Mortgages By the Book

  • Meet with your reverse mortgage specialist to discuss your options and if a reverse mortgage product fits your needs.
  • Counseling and Guidance - The Department of Housing and Urban Development requires that all applicants receive third-party counseling to explain all the available options and details. We offer a list of counselors for you to choose from (price will vary by office and location)
  • Application - VIP Reverse Mortgage experts will help you choose the best type of reverse mortgage loan for your needs.
  • Appraisal and Inspection - Your home will be appraised to determine market value, making sure it fits within government guidelines. Appraiser costs run $475, the minimum amount to cover the cost.
  • Underwriting and Closing - VIP will work behind the scenes to finalize the details of the RM loan once we’ve gathered all the required documents and set everything up for closing.
  • Disbursement and Repayment - Requested debts are paid off and for the life of the loan, you don’t ever make a monthly mortgage payment to your mortgage lender.

VIP Mortgage has Certified Reverse Mortgage Professionals (CRMP), specializing in helping older borrowers convert a portion of the equity in their home into cash flow. Call Chad Roberts today at 720-220-2899 to learn more.


Contact Chad Roberts