Reverse Mortgages (aka Reversible Mortgages)

Offer Compelling Benefits for Senior Homeowners

Stone Street Mortgage Corp. specializes in the origination of Home Equity Conversion Mortgages for senior homeowners. Home Equity Conversion Mortgages are "reverse mortgages" or "reversible mortgages" insured by the Federal Housing Administration of the U.S. Department of Housing and Urban Development. Reverse Mortgages provide funds to senior homeowners on very flexible terms and offer a number of benefits that provide long-term financial relief, financial security and enhanced quality of life.

The purpose of this website is to provide you with substantive information about Home Equity Conversion Mortgages. We hope to acquaint you with the features and costs of this important program to help you make an informed decision about whether it can benefit you.

While this website provides helpful information that you should consider as part of your decision making process, it is only a guide. We suggest that you consult with family members or any other legal or financial advisor who can help you. We encourage you or your advisors to contact us with any questions by calling us toll free at (877) 621-9884 or by filling out the information request form on this page.

Any reference to "Reverse Mortgages," "Reversible Mortgages," "Mortgage Reverse," "HECM Reverse Mortgages," or "HECM" refers to the Home Equity Conversion Mortgages offered by Stone Street Mortgage Corp.

What is a Reverse Mortgage?

For many senior homeowners, daily living expenses increase at a much faster rate than income. Expenditures for healthcare, energy, property taxes and home repairs comprise a disproportionately large share of total expenses and tend to increase at a much faster rate than income. As funds become limited over time, the homeowner begins to experience financial difficulty and diminished quality of life. Seniors with fixed payment obligations such as traditional mortgages or home equity lines that require monthly payments are especially prone to problems.

Reverse Mortgages are designed to help. Like a home equity line of credit, a Reverse Mortgage enables homeowners, age 62 and older, access into their home's equity to receive either a lump sum of cash, a line of credit or payments in monthly increments. There is no required repayment until the home is sold or homeowner permanently moves out. Therefore, you are able to allocate your funds in a way that best attends to your needs and preserves your quality of life.

You do not need to be in financial distress in order to benefit from a Reversible Mortgage. Currently available Reverse Mortgage alternatives offer terms that are very competitive with traditional mortgages and home equity lines in both rates and closing costs. And, they are easier to qualify and offer considerably greater financial flexibility for borrowers whose financial circumstances get more volatile with age. A payment can be made without penalty on a Reverse Mortgage just as with a traditional mortgage or home equity line. At the homeowner's election, payments can be used for other expenses or allocated to other savings vehicles for later use.

Importantly, Reversible Mortgages offer features which may protect against the financial impact of protracted declines in real estate values. Homeowners in the United States have benefited greatly from steadily increasing home values since the end of World War II. For the past several years, real estate values have suffered from a protracted decline that has diminished the amount of equity that many homeowners had counted on as a financial resource for retirement and a legacy for family members. HECM Reverse Mortgages may allow homeowners to reallocate funds out of their home investment and into safer, yield bearing investments that have lower volatility and a steady return. We offer a net worth calculator that can give you a sense of the power of Reversible Mortgages in this regard.

We hope you find the information on this site substantive and helpful. We welcome any comments or suggestions you may have on ways we can be of greater value to you and your family. Please feel to contact us at any time if we can be of assistance to you.