Proficio Reverse Mortgage has chosen to focus its mortgage efforts by specializing in the government HECM (Home Equity Conversion Mortgage), also known as a reverse mortgage. To support our customers and representatives, Proficio Reverse Mortgage entered the Reverse Mortgage Market by combining the entire HECM Reverse Mortgage product line with an experienced team of reverse mortgage professionals who make up the Proficio Reverse Mortgage Group
Proficio Reverse Mortgage was created to help support all aspects of a successful reverse mortgage effort including education, origination and information flow between the customer, representative, investors and the bank. It is our intent to provide our customers and representatives with the highest quality product line and service in the next paradigm of the mortgage industry… reverse mortgages.
If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. You will continue to be responsible for taxes, insurance, and upkeep on the home.
In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. No monthly mortgage payment is required and the loan does not need to be repaid unless and until one of the following “qualifying events” occurs as long as the taxes, insurance, and home upkeep are kept current:
At the time of the qualifying event the heirs have two may either sell the home or payoff the lien. If the home is sold the balance due and payable on the loan can not be more than the market value of the subject property. If the home sells for more than what is owed, the applicant, estate, or heirs are entitled to keep the difference. If the home sells for less than what is owed, neither the applicant, the estate, nor the heirs are responsible for the shortage (deficiency). Any deficiency would be paid for by the insurance which is paid for out of the proceeds of the initial loan settlement. If the heirs decide to payoff the lien they are responsible for the full reverse mortgage amount.
One of the most common misconceptions about a reverse mortgage is that the lender owns your home. This is not true. Similar to any other mortgage, the lender has a lien on the home that must be paid when the loan becomes due at the time of one of the qualifying events stated above. You retain title to your home throughout the period when you hold a reverse mortgage, just as you would with a traditional home mortgage. Your responsibility, as the homeowner, is that you continue paying property taxes and insurance, maintain the home in good condition, and reside in the home as your primary residence.
Before you can even apply for a reverse mortgage, you are required to complete reverse mortgage counseling. This counseling session can last anywhere between a half hour and several hours, depending on how many questions you have for the counselor. Counseling can be done over the phone, in your home, or at the counselor’s location, depending on your preference and individual state guidelines. Some states require face-to-face counseling, while others allow for counseling to take place over the phone. Our representatives will be happy to advise you of your state’s requirements. Once you have completed counseling, you will be provided with a certificate which then allows you to formally apply with the PMV Reverse Mortgage Group.