62+
Reverse Mortgages
A reverse mortgage is a Home Equity Conversion Mortgage for a primary residence when the youngest borrower is 62 or older. It is a counseling-required product. We do not rush it.
A HECM lets an eligible homeowner convert part of the home’s equity into cash — a line of credit, a lump sum, or a term payment — without a required monthly principal and interest payment. Taxes, insurance, and occupancy still have to be kept current.
We see these files from long-time owners in Steubenville, Wintersville, Newark, and the surrounding towns who want to stay in the house and stop a forward payment, or who need a controlled draw on equity.
Federal rules require independent HUD counseling before we can take an application to underwrite. We send you to counseling first and take the file after.
Who this is for
- Homeowners 62 or older occupying the property as a primary residence
- Owners who want to eliminate a forward mortgage payment
- Owners who need a line of credit against equity without selling
How the file runs
- Conversation about goals, equity, and whether a reverse is even the right tool.
- HUD-approved counseling.
- Application, appraisal, underwrite, and closing with the usual HECM disclosures.
Where we use HECM
Reverse files come from both offices. Most are primary residences in Jefferson, Licking, and Tuscarawas counties and the WV / PA river towns.
Questions
- Do I still own the home?
- Yes. You keep title. The loan is repaid when you sell, move out, or at the end of the term defined in the documents.
- Is counseling required?
- Yes. HUD requires it. We will not skip it.
- Is a reverse right for everyone over 62?
- No. If the better move is a forward cash-out or a sale, we will say so.
Polaris Home Funding Corp. is not acting on behalf of or at the direction of HUD, FHA, USDA, VA, or the federal government. Program rules change. We confirm eligibility on the file.
Start here
Start a HECM application
Start the official application or call the branch if you need a file opened tonight.