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Reverse Mortgage Loan Programs

A home equity loan program for persons 62+ designed to help homeowners tap into the equity in their homes.

A Reverse mortgage loan is insured by the Federal Housing Administration (FHA) and is part of the Home Equity Conversion Mortgage (HECM) program. A Reverse mortgage is only available to homeowners who have built up considerable home equity are 62+ years old. Proceeds of the loan may be taken in monthly payments, a lump sum, left on a line of credit or a combination of these methods. If you remain in your home, you are not required to make monthly payments on a reverse mortgage. Taxes, insurance, homeowner association dues, and other assessments must be kept current by the homeowner, but nothing is due on the reverse mortgage until the last borrower permanently leaves the home. 



Reverse Mortgage Loan Options

The most popular, and one offered through Tidewater Home Funding, is the FHA-backed Home Equity Conversion Mortgage (HECM). A HECM is a non-recourse loan where borrowers will never owe more than the value of the property. A HECM loan may be used on a homeowner’s existing home or on the purchase of a new home. The borrower must pay required taxes, insurance, and if applicable, HOA for all loan options. Additional Reverse mortgage programs include:


Payment of Loan Proceeds: The borrower receives the loan money as a line of credit, monthly installments, a combination or both, a lump sum, or the payment retires an existing mortgage.


Interest Rate: The borrower chooses between a Fixed-Rate or an Adjustable-Rate Mortgage (ARM) loan program. A Fixed-Rate program is only available with the lump sum payment option.


Purchase: Allows the borrower to purchase a principal residence and requires less upfront investment than an all-cash purchase.


Refinance: Allows the borrower to convert one HECM loan into another HECM loan which is usually done to lock in a lower interest rate or to borrower more cash if the home has increased in value.

Loan Program Benefits

Some benefits a Reverse mortgage loan program offers includes:


Loan Program Requirements

Requirements for a Reverse mortgage loan include:



Important Program Features  

In addition to program requirements, it’s important to understand the following features of a Reverse mortgage:


This is not a commitment to lend. All loans subject to program guidelines including credit and property approval. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. 

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Your Experience is Our Priority

Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.

Thomas was exceptional to work with......always friendly and easy going but always with pertinent answers....we ended up pulling a contract on one house and then finding another and he handled that transition with integrity and kindness.....we would highly recomment his services.....thank you so much....carol ann and michael

Carol Ann Walter

Steven and Benchmark Mortgage was great and a thrill to work with and wouldn't rank anyone above them.

Jonathan R.

Thomas St. John was a pleasure to work with... He understood my needs and timing and worked hard to make sure I had everything
needed so that we could go to closing much faster than I could have imagined. His follow through with details before, during, and after
the process made it a better experience. Should I ever need another loan for refinance or purchase, I will stop and shop Benchmark
first... Thanks!!!

Brian K.

Nothing! Steven was extremely knowledgeable and helpful. He was ALWAYS accessible, professional, and understanding. He will be
my first and only recommendation to Family, Friends, and Colleagues!

Barry N.

Thomas St. John is amazing! He explained everything so well and was able to work with my hectic work schedule to
get everything finished. He is very personable and makes you feel like you're more than just a customer. He even
attended my closing.

J. Tharp

Benchmark was a fantastic company to deal with. They were always there whenever I had questions and even took
the time to meet with us when we were so confused. They are professional and very knowledgeable. They never
made me feel like I had a stupid question. They are very reliable and are great at explaining things and processes.

Elizabeth W.

I was very pleased working with Steven D'Antonio and the Benchmark Mortgage team. They offered a high level of
customer service and were very communicative throughout the process. They have this done to an art and are able
to troubleshoot and provide insight on what to expect during the home buying process. I would recommend them to

Jonathan R.

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