Residential Home Funding Corp.
707 Westchester Ave.,Suite 305
White Plains, NY 10604
Ph: (877) 246-7383
Fax: (914) 592-3654
Contact Us 
Special Info for Advisors
- A note to trusted advisors
- A reverse mortgage is not for everyone. Our goal is to work with trusted financial and legal advisors to help determine if a reverse mortgage meets the needs of your client. We can accomplish this by providing detailed loan scenarios to you (with your client's permission) and personal consultation with our staff to help reach a decision that is in the best interest of all parties. We are up front with all our clients about the advantages and disadvantages of a reverse mortgage.
- * Download for PDF info packet (includes flyers and request for quote to fax in)
- Advantages
- Reverse mortgages provide many advantages for the senior borrower. Here is a short list of just a few:
- Proceeds received from a reverse mortgage proceeds do not affect Social Security or Medicare
- Frees up an illiquid asset (home equity)
- Can allow senior to purchase a new home with no mortgage payment
- Can provide source of income while borrower allows their investments to recover from market losses
- Improves a senior's standard of living or allows them to live out their dreams
- Pays off existing mortgage, in many cases freeing up thousands in monthly payments or preventing foreclosure. No more mortgage payments
- Allows the senior to maintain their independence while living in their own home
- Provides money for in-home health care or medical expenses
- Disadvantages
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- Spends part of the equity that would be passed on to the estate or children
- Increasing loan balance, decreased equity over time
- May affect eligibility for needs-based programs such as Medicaid
- For those itemizing tax deductions, a reverse mortgage can eliminate the deduction for home interest if no interest is paid out of pocket. However if the homeowner pays the upfront fees and the accruing interest, the homeowner deduction may be available to them in the year the interest is paid
- Closing costs and insurance are expensive which means the borrowers should plan on living in the home for several years to reduce overall costs
- The Ideal Client
- While there is no stereotypical reverse mortgage client, there are common characteristics you can look for in a prospective reverse mortgage holder.
- Cash poor, house rich
- Wants to improve lifestyle and has no concern about spending equity that would go to estate
- Has taxable income they wish to postpone, while accessing from reverse mortgage proceeds not subject to personal income taxation
- Understands that their home is a retirement asset in which they live and wishes to leverage their home to improve current lifestyle
How Much Do you Qualify For?
Reverse Mortgage Calculator
How it works
Get the cash you need. A reverse mortgage can help.
Is a Reverse Mortgage Right for You?
Top 10 Reverse Mortgage Questions.
Reverse Mortgage Testimonials
"Selling my home seemed the only way out of my financial troubles. But it would have been like selling my memories. With a reverse mortgage, I no longer had to face that difficult choice."
