![]() ![]() A reverse mortgage pays the homeowner a portion of the home’s equity and the interest accrues against the total equity to be repaid when the homeowners leave the home. Whereas a conventional mortgage requires the homeowner to make principal and interest payments to eventually own the home. Instead, a reverse mortgage makes payments to the homeowner using the equity in the house. Want to learn more? Click here to get free information about a reverse mortgage! How a Reverse Mortgage Works in North CarolinaĪs the name implies, a reverse mortgage is the opposite of a conventional mortgage in which payments are made towards a loan used to purchase a house. While it is still considered by many to be a last-resort option, for house-rich, cash poor retirees, a reverse mortgage offers a lot of flexibility for meeting income and other planning needs. Much of that has been alleviated through reforms introduced by the Federal Housing Authority (FHA), clearing the way for a fresh look at the product. Not long ago reverse mortgages were frowned upon for their high costs and the additional risks that placed retirees in a precarious position with their homes and their financial position. 1-400” National Mortgage News April 16, 2018.Long considered a financing solution of last resort for retirees in need of additional capital to meet their income needs, reverse mortgages are getting a second look from financial planners as a viable planning tool. For licensing information, go to: *“2018 Top Producers Nos. RI Loan Broker License 20163230LB SC BFI Mortgage Lender/Servicer License MLS-1025894 SD Mortgage Lender License ML.05253 TN Mortgage License 190182 TX Mortgage Banker Registration 1025894 UT Mortgage Entity License 8928021 VT Lender License 6891 VA Mortgage Broker and Lender License, NMLS ID #1025894 (WA Consumer Loan Company License CL-1025894 WI Mortgage Banker License 1025894BA WY Mortgage Lender/Broker License 3488. NJ Residential Mortgage Lender License 1025894 NM Mortgage Loan Company License 1025894 NC Mortgage Lender License L-186305 ND Money Broker License MB103387 OH Residential Mortgage Lending Act Certificate of Registration RM.804535.000 OK Mortgage Lender License ML012498 OR Mortgage Lending License ML- 5208 PA Mortgage Lender License 72932 RI Lender License 20163229LL. Licensed by the New Hampshire Banking Department, Mortgage Banker License 19926-MB Licensed by the New Jersey Banking and Insurance Department. AZ Mortgage Banker License 0926603 AR Combination Mortgage Banker/Broker/Servicer License 109250 Licensed by the Department of Business Oversight under the CA Residential Mortgage Lending Act, License 4131356 Loans made or arranged pursuant to a CA Finance Lender Law license, 60DBO93110 CO Mortgage Registration 1025894 CT Mortgage Lender License ML-1025894 DE Lender License 028515 DC Mortgage Dual Authority License MLB1025894 FL Mortgage Lender Servicer License MLD1827 GA Mortgage Lender License/Registration 46648 HI Mortgage Loan Originator Company License HI-1025894 ID Mortgage Broker/Lender License MBL-2081025894 IL Residential Mortgage Licensee MB.6761115 IN-DFI Mortgage Lending License 43321 IA Mortgage Banker License 2019-0119 KS Mortgage Company License MC.0025612 KY Mortgage Company License MC707287 ME Supervised Lender License 1025894 MD Mortgage Lender License 21678 MA Mortgage Broker and Lender License MC1025894 MI 1st Mortgage Broker/Lender/Servicer Registrant FR0022452 MN Residential Mortgage Originator Exemption MN-OX-1025894 MS Mortgage Lender 1025894 MO Mortgage Company License 19-2472 MT Mortgage Broker and Lender License 1025894 NV Exempt Company Registration 4830. AL Consumer Credit License 22123 AK Broker/Lender License AK1025894. ![]() ![]() 3131 Camino Del Rio N 190, San Diego, CA 92108. d/b/a Mortgage of Omaha Mortgage, NMLS ID 1025894. This site is not connected with any government agency. All loans are subject to credit approval. This is not a commitment to lend or extend credit. ![]()
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