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  Primary Residential Reverse Mortgage

Primary Residential Reverse Mortgage

in Reverse Mortgages from Primary Residential Mortgage · NMLS ID #3094

Unaffiliated

Primary Residential Reverse Mortgage

Unaffiliated

in Reverse Mortgages from Primary Residential Mortgage · NMLS ID #3094

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Highlights
Loan Amount N/A
Margin Rate N/A
Origination Fee ($) $2,500 - $6,000

Primary Residential Reverse Mortgage Review

Primary Residential Reverse Mortgage is offered by Primary Residential Mortgage (NMLS #3094), a direct lender founded in 1998 and based in Salt Lake City, UT. Primary Residential Reverse Mortgage is available in 49 states across the USA.

Primary Residential Reverse Mortgage FAQ

What types of reverse mortgages does Primary Residential Reverse Mortgage offer?

Primary Residential Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

What fees does Primary Residential Reverse Mortgage charge for a reverse mortgage?

Primary Residential Reverse Mortgage may charge a loan origination fee of $2500 to $6000

There is also a one-time counseling fee of $125 to consider.

What types of property can you use as security for a reverse mortgage with Primary Residential Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. Primary Residential Reverse Mortgage will consider lines of credit secured by the following property types:

  • Primary home

 

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Other Services by Primary Residential Mortgage

Availability

  Available in 49 states
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Counseling Fee $125
Origination Fee ($) $2,500 - $6,000
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Minimum Age 62
Reverse Mortgage Options
  • HECM for Home Purchase
  • Standard
Reverse Mortgage Payment Options
  • Line of credit
  • Lump sum
  • Monthly disbursement

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