Onward’s Home Equity Conversion Mortgage (HECM) loans – commonly called reverse mortgages, are popular with retirement-age borrowers. Onward has worked with our partners to develop a HECM Line of Credit option, which is comparable to a traditional Home Equity Line of Credit (HELOC), but offers some very distinct advantages for older borrowers.
Retain your home
Age in place
Free up your earned equity
No monthly mortgage repayments
No rising loan payments
Pay off when you sell your home
Take out only what you need upfront
Borrower more later, on the same line
Line cannot be revoked or reduced
Line grows as your home equity increases
Federal Housing Administration (FHA)-insured loan
Onward Financing
Corporate Headquarters:
6130 Blue Circle Drive | Suite 200
Minnetonka, MN 55343
Arizona Office:
60 E. Rio Salado Parkway | Suite 900
Tempe, AZ 85281
c: 833-4onward
NMLS 1635413
This is an FHA-insured loan. Homeowners must be 62 years of age or older and live in the home as their primary residence. Homes must meet FHA/HUD minimum property standards. Borrowers must maintain hazard and flood insurance premiums, property taxes, utilities and make any property repairs. Although there are no mandatory monthly principal and interest mortgage payments, interest accrues on the portion of the loan amount disbursed if no payments are made. Reverse mortgages can use up all or some of the equity in your home and the amount you owe can increase over time. Loan must meet underwriting requirements. Program rates, fees, terms and conditions are not available in all states and subject to change. All products and services offered through Mid America Mortgage, Inc. NMLS# 150009. This document is advertising by Mid America Mortgage, Inc. and it not from FHA/HUD. This document is not approved by any government agency. A reverse mortgage is a loan.
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