At a Glance

Live Mortgage is a reverse mortgage provider dedicated to helping seniors access their home equity to enhance financial stability during retirement. With a focus on personalized service, Live Mortgage offers Home Equity Conversion Mortgages (HECMs) to eligible homeowners who are at least 62 years old. The company provides free consultations to help guide clients through the reverse mortgage process and ensure an informed decision-making process.

Key Figures

• Loan types: Reverse Mortgage
• Loan products: Home Equity Conversion Mortgage (HECM)
• Minimum credit score: N/A
• Repayment terms: Loan repayment is due upon a maturity event, for example, when the borrower no longer resides in the home or sells it.

Live Mortgage offers Home Equity Conversion Mortgages (HECMs), which are a type of reverse mortgage insured by the Federal Housing Administration (FHA) designed for homeowners ages 62 and older. This product allows eligible individuals to convert a portion of their home equity into cash, providing financial flexibility during retirement. Borrowers can choose how to receive the funds: as a lump sum, monthly payments, a line of credit, or a combination of these options.

How It Works

A reverse mortgage enables qualified homeowners to tap into their home equity without selling their property or making monthly mortgage payments. The loan becomes due when the borrower sells the home, moves out permanently, or passes away.

To qualify for a HECM, you must be at least 62 years old, own your home outright or have a low mortgage balance, occupy your home as your primary residence, maintain the property, and stay current on property taxes and homeowners insurance.

Prospective borrowers are required to undergo counseling with a HUD-approved counselor to ensure they understand the implications of a reverse mortgage. This is where Live Mortgage comes in.

If you’re interested in applying for a reverse mortgage, you start by contacting Live Mortgage to discuss your financial goals and determine your eligibility. You can do so through its website or by phone or email. During your consultation a licensed expert will walk you through your options to help you pick the right option to leverage your home equity.

If you decide to move forward with the process, you provide the necessary documentation and complete the application. Your home is appraised and the loan undergoes underwriting. Then you sign the final documents and receive the funds.

The entire process can take several weeks, depending on multiple factors including your profile, the type of home you own, and the terms of your loan.

Types of Loans

Live Mortgage offers Home Equity Conversion Mortgages (HECMs), a type of reverse mortgage insured by the Federal Housing Administration (FHA). These loans allow homeowners ages 62 and older to convert a portion of their home equity into cash. The funds can be used for various purposes, including:

• Supplementing retirement income
• Paying off existing mortgages
• Covering healthcare expenses
• Home renovations
• Supporting family members​

Live Mortgage license experts can also help you explore other loan options, including:

• Jumbo reverse mortgages
• Refinancing
• Home Equity Line of Credit (HELOC)
• Purchase mortgage

Rates and Terms

Live Mortgage does not publicly disclose specific pricing details on its website. The best way to have a sense of the terms and conditions that would apply to your specific situation is to contact Live Mortgage and schedule a free consultation with one of its licensed experts.

Reverse mortgage costs can vary based on several factors, including the value of your home, your age, current interest rates, and the method you choose to receive your funds.

When it comes to reverse mortgages, you can expect to pay origination fees, mortgage insurance premiums, closing costs, and servicing fees.​

Summary

Live Mortgage offers a focused approach to reverse mortgages, providing personalized consultations and emphasizing client education. While the lack of detailed online information and an online application process may require additional effort to get started with the process, the company's commitment to tailored service makes it a viable option if you’re 62 years old or older and seeking to leverage your home equity for financial stability in retirement.

Contact Live Mortgage

Live Mortgage offers live customer service by phone Monday through Friday, 7 a.m. to 4 p.m. PT and Saturday 8 a.m. to 12 p.m. PST. You can request a free consultation via phone, email or through the online form available on Live Mortgage’s website.

Phone: 800-999-3319

Email: contactus@livemortgage.com

Disclaimer:

AI was used in the creation of this content, along with human validation and proofreading.