Reverse Mortgages

Doorway offers Reverse Mortgages that allow 62 or older senior homeowners with considerable home equity to borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit, while still living in the home.

Reverse Mortgages work by using part of the homeowner’s home equity first to pay off the home’s existing mortgage if there is still a balance. Monthly payments are not required but can help reduce monthly interest rates. After paying off the existing mortgage, the reverse mortgage lender will pay any remaining equity from the new loan. If the mortgage is already paid off, all the proceeds will be paid out.

Requirements: 
  •         All borrowers must be at least 62 years old
  •         The home must be owned or have at least 50% equity
  •         The home must be a primary residence
  •         The borrower must meet with a Department of Housing and Urban Development counselor prior to applying

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