C&R Mortgage Corporation

Reverse Mortgages Made Easy

C&R Mortgage Corporation - we provide quality reverse mortgages to people over the age of 62. We are dedicated to providing excellence at every step in the process. No one in the business has a better reputation, and if you give us the chance, we’ll show you why!

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What's a Reverse Mortgage?

A Reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments. Instead, in a reverse mortgage, the entire loan balance becomes due and payable when the borrower dies, moves away permanently or sells the home. C&R Mortgage Corporation can provide you with a reverse mortgage with great rates and in a process that is easy and stress free!

About

The C&R Mortgage Corporation Team is your premier reverse mortgage team located in Cape Coral, Florida. Also, licensed in Illinois, Indiana, Wisconsin, Michigan, Colorado, California and Tennessee. The experienced team members here are committed to quality customer service and putting the needs of the people it serves first. C&R Mortgage Corporation will always adhere to the highest degree of integrity in all business dealings.

Here to Help

When it comes to Reverse Mortgages, education is the key. That’s why C&R Mortgage Corporation is here for you to help educate you, so you are able to make an informed decision. Plus, C&R Mortgage Corporation always encourages prospective clients to invite family members to be a part of the discussion during the education process. With our expertise and knowledge, we will help you develop an informed decision and we will take the time to help you learn the process until you are comfortable.

Reverse for Purchase (HECM Loans)

The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not made on the new house.

Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash. Typically the down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

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Example Scenarios

John Bosworth (68)

  • Home Value – $250,000
  • Home Equity – $210,000
  • Approximate Mortgage Balance – $40,000

The Challenge:

John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month…


The Solution:

John takes out a Reverse Mortgage for $142,496. He takes a lump sum of $40,000 and applies it to his existing mortgage and the balance in monthly payments of $681. After paying the mortgage off entirely, John’s monthly income rises to $1,291. That’s $611 per month for the mortgage payment, plus another $681 from the Reverse Mortgage.


Craig (82) and Sylvia (79) Jenkins

  • Home Value – $375,000
  • Home Equity – $375,000

The Challenge:

Craig and Sylvia both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.


The Solution:

They take out a reverse mortgage with the option of one lump sum totaling $218,419, or a monthly income of $1,495. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.


FAQS

Here are answers to some common questions. 

  • What makes C&R different from other mortgage companies?

    C&R Mortgage Corporation ’s ultimate goal is to create lasting relationships with each and every client for many years to come. Unlike many of the larger nationwide mortgage companies that are out there, all your information will be kept secure and private. C&R Mortgage Corporation ’s name that is trusted throughout the community. To speak directly with an experienced mortgage professional simply call anytime or feel free to utilize any of the interactive tools offered throughout the site. Every team member here looks forward to working with you.

  • What is a reverse mortgage?

    A Reverse mortgage is a loan for seniors over the age of 62 that allows them to convert the equity in their home to cash. A reverse mortgage can also be used to purchase a home. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments. Instead, in a reverse mortgage, the entire loan balance becomes due and payable when the borrower dies, moves away permanently or sells the home. C&R Mortgage Corporation can provide you with a reverse mortgage with great rates and in a process that is easy and stress free!

  • How can I use the money I receive from a reverse mortgage?

    There is no restriction on how the proceeds from a reverse mortgage can be used.

  • How can I qualify for a reverse mortgage?

    To qualify for a reverse mortgage a borrower must be at least 62 years old, own a home, and have sufficient equity in that home.  A lender will also complete a financial assessment of the borrower.

  • Will my home qualify for a reverse mortgage?

    Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and townhomes are eligible for a reverse mortgage.

  • How much money can I get from a reverse mortgage?

    The amount will vary borrower to borrower and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on an existing mortgage.

Reverse Mortgage for Seniors

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