280 Court St. NE, Suites 230 & 235,

Salem, OR 97301

Retirement just got better: tap into your home's equity with a Mann Mortgage Reverse Mortgage.

Quite possibly the most powerful & useful loan program in the world, Reverse Mortgages allow you to use your home equity as YOU see fit - while still owning it.

What are reverse mortgages?

A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is a type of home loan available to homeowners 62 or older who have considerable equity (usually at least 50%) in their home. This financial tool can benefit people who need additional cash flow for other expenses, as the value of their home’s equity can be converted to cash, eliminating monthly mortgage payments. Borrowers use the equity in their home as security for the loan, and can receive funds as monthly payments, a line of credit, or in a lump sum. This is called a “reverse” mortgage, because in contrast to a traditional mortgage, the lender makes the payments to the borrower.
Elderly man and woman drinking from mugs and looking at phone.

Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.

Reverse Mortgages at a glance.

  • Option to eliminate monthly mortgage
  • Borrow up to 75% of the home’s
  • You can still leave your home to your heirs
  • Flexible income and credit qualifications
  • For primary residence only
  • No prepayment penalty

Applying for a home has

never been easier

Our quick and secure process takes less than 10 minutes to apply.

Learn more about

reverse mortgages

The amount of money a borrower can get through a reverse mortgage is dependent on their age, the current reverse mortgage/HECM interest rates, their current mortgage balance if they have one, and what an independent appraiser determines as their home’s current value. Most home lenders require the homeowner retain 20% equity in their home (this keeps the borrower from having to pay any sort of monthly private mortgage insurance). Home equity is the difference between what a homeowner owes in a mortgage compared to what their home is worth. If a home is worth $300,000 and they owe $150,000 on their mortgage, they would have $150,000 in home equity.
Homeowners with a reverse mortgage have three main responsibilities: The borrower must in the home as a primary residence The borrower must maintain the home in good condition Taxes, insurance and other home ownership cost must be paid
Upfront, borrowers will pay an origination fee, closing costs, and an FHA MI fee of 2% of the home’s appraised value. Ongoing costs include an annual FHA MI of 0.5% of the outstanding loan balance. When the loan is due, the principal and interest are collected.

“I was initially apprehensive about Reverse Mortgages, but my banker recommended that I contact Mann Mortgage to discuss. We were glad we did. Our loan officer took us through the entire process, answered my numerous questions, and assured us that this product would meet our specific needs.”

Michael S.

Let's get you home.

0% down financing for homeowners 62 years and older. Our local loan experts will help guide you.

If you have a loan officer you are working with, please select them from the list below.