Reverse Mortgage Pre-Qualification

For homeowners 62 and older in South Carolina and Florida · Reverse mortgages

Could your home help you breathe a little easier in retirement?

A reverse mortgage, known formally as a Home Equity Conversion Mortgage or HECM, lets homeowners who are 62 or older turn part of their home’s value into money they can use, without selling the home and without a required monthly mortgage payment.

You keep the title and keep living in your home. You do need to keep paying your property taxes, homeowners insurance and any HOA dues, and keep the home in good repair. The loan is usually repaid when the home is sold, once the last borrower no longer lives there, which includes living somewhere else for more than 12 months in a row. HECMs are insured by the Federal Housing Administration, and the amount you could qualify for depends mainly on the age of the youngest borrower, your home’s value and today’s interest rates.

How this works

Share the basics

The short form below covers what a reverse mortgage lender needs for a first look. It takes about 10 minutes, and estimates are fine.

Pre-Qual Review

We’ll pass along your responses to the lender to review.

Meet with a HUD-approved counselor

If the numbers pan out, we’ll send you a counseling package and introduce you to counselors in your area. Counseling is a requirement for every reverse mortgage, so you fully understand what a reverse mortgage is, how it works and the costs involved.

Common questions

Do I still own my home?

Yes. Your name stays on the title, and you can sell the home or pay off the loan at any time without a prepayment penalty.

Will I ever owe more than my home is worth?

No. A HECM is a “non-recourse” loan, so neither you nor your heirs will ever owe more than the home is worth when the loan is repaid. FHA insurance covers any shortfall.

What happens if my spouse or I pass away?

If you’re both borrowers, the loan stays in place with no payment due as long as one of you still lives in the home. A spouse who isn’t on the loan may also be able to stay, if certain HUD conditions are met. We’ll walk through your situation on our call.

What do I still pay for?

You keep paying property taxes, homeowners insurance and any HOA dues, and you keep the home in good repair. Falling behind on these can cause the loan to become due.

What happens to the information I send?

We use it only to prepare your estimate and to contact you about it. We may share it with a reverse mortgage lender for that purpose. We never sell your information, and you can ask us to delete it at any time.

Exhale Lending, LLC · NMLS #2493601 · Patrick Gallagher, Mortgage Broker, NMLS #1495210 (www.nmlsconsumeraccess.org) · Licensed in North Carolina, South Carolina and Florida · 1135 Kildaire Farm Road, Suite 200, Cary, NC 27511 · (984) 208-1113 · Equal Housing Opportunity.

This is a request for a pre-qualification estimate, not a loan application, Loan Estimate, rate lock or commitment to lend. Borrowers must be 62 or older, occupy the home as their primary residence, complete HUD-approved counseling, and continue to pay property taxes, homeowners insurance, HOA dues and maintenance; failure to do so may cause the loan to become due and payable and may result in foreclosure. The loan balance grows over time, and the loan must be repaid when the last borrower or eligible non-borrowing spouse no longer lives in the home. These materials are not from, and were not approved by, HUD, FHA or any government agency. All loans are subject to credit and property approval. Consult a tax or financial advisor about how a reverse mortgage may affect your taxes, estate or eligibility for need-based benefits.