Loan Programs

Prospect Mortgage offers a wide array of home loans to help you purchase or refinance a home.

Reverse Mortgages

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free funds - without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home. You should consult your tax advisor for more details on the tax savings of a reverse mortgage.

Customer/Consumer Benefits:

  • Pay off existing liens or mortgages − eliminate monthly obligations
  • Provide additional monthly income for medical expenses and home repair
  • Create a cash reserve for emergencies or special needs
  • Can be used for estate planning and wealth management

Features:

  • Borrowers retain full ownership of their home
  • No income, asset, or employment requirements
  • No monthly payments required
  • Repayment is not required until the last remaining borrower passes away or no longer occupies the property as his/her primary residence
  • Proceeds are tax-free funds that can be payable as monthly payment, lump sum, line of credit, or any combination of these options (depending on the program selected)
  • Loan origination and closing costs may be financed into the loan
  • Borrower(s) will never owe the lender more than the appraised value (as determined by an approved appraiser) of the home
  • When the loan is repaid, all remaining equity will go to the borrower or his/her heirs