I started out working with Amanda Ayoub and she was very attentive and considerate. She sensed my apprehension but was aware of my need to secure a loan to do some things to my house. She was expedient and disciplined in her approach and our journey was flawless. By the time she delivered me to Sue Beidoun, I felt like we had known each other a lifetime because of the level of comfort I felt. Sue B was no less focused and very intent on crossing the finish line with my home loan aspiration. This team, Amanda A and Sue… Read more →
Reverse mortgages. Tap into your home's equity to provide more income.
LitFinancial can help increase monthly income in retirement the right way. A reverse mortgage can help retirees augment monthly income by unlocking the equity in their homes.
Best for unlocking your home’s equity to provide more monthly income.
No SSN required. Zero impact to credit.
Your information is never sold.
★★★★★Rated 4.9/5 stars
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No Social Security number needed.
No effect on your credit score.
Your details are never shared or sold.
Takes under a minute to finish.
What is a reverse mortgage?
A reverse mortgage is a financial product that allows homeowners, typically aged 62 or older, to convert part of their home equity into loan proceeds while retaining ownership of their home. The loan doesn't need to be repaid until the homeowner sells the home.
Is this loan right for me?
This option might be ideal for individuals who need additional income during retirement, want to cover healthcare expenses, or wish to improve their quality of life without monthly mortgage payments. It can be particularly beneficial for those who have significant home equity and limited cash flow. However, it's essential to consider the long-term implications, such as reduced inheritance for heirs and potential fees. Consulting a financial advisor is recommended before making a decision.
How can LitFinancial help?
LitFinancial’s expert loan officers look forward to teaching you all about the reverse mortgage process. We will provide you with the tools you need to make an educated decision about your financial future. Our experienced, patient and talented people look forward to working and finding the best solution for you.
Frequently Asked Questions
Let's help make things clearer.
A reverse mortgage lets homeowners 62 or older turn some of their home equity into cash. You don’t make monthly payments—the loan is repaid later when you move, sell the home, or pass away.
You must be 62 or older, live in the home as your primary residence, and have enough equity. The home also needs to meet safety and property standards.
Yes. You keep full ownership. The bank doesn’t take your home—you just borrow against its value.
The loan is usually repaid when you move out, sell the home, or pass away. Your heirs can choose to pay it off or sell the house to settle it.
It depends on your age, home value, current interest rates, and how much equity you have. Older borrowers usually qualify for more.
No. Monthly payments are not required. The loan balance grows over time instead.
Your heirs can keep the home by paying off the loan, or they can sell the home and keep any remaining equity after the loan is paid.
There are closing costs, an FHA mortgage insurance premium (for HECMs), and interest. These can often be rolled into the loan so you don’t pay them upfront.
You won’t lose your home as long as you pay your property taxes, homeowners insurance, and keep the home in good condition.
Reverse mortgage rates can be fixed or adjustable, depending on the type of loan you choose. Interest adds to the balance each month.
Yes. Since you aren’t making payments, the loan balance increases as interest and fees are added.
Almost anything—common uses include covering living expenses, medical bills, home repairs, or paying off other debts.
The money you receive is not taxable, and it doesn’t affect Social Security or Medicare. It may affect Medicaid, depending on how you use or save the funds.
A HECM is the FHA-insured, government-regulat
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Whether you’re estimating your mortgage costs, seeking to simplify and save through debt consolidation, or aiming to explore and compare various loan options tailored to your needs, our intuitive tools are here to guide you every step of the way.
No SSN required. Zero impact to credit. Your information is never sold.
Why choose LitFinancial?
Experience Matters
When it comes to loan officers, we are experienced experts and take pride in leveraging our knowledge to help you every step of the way.
We Are Your Advocate
Our loan officers are advocates through -out your lending journey. From finding the right mortgage plan, to proactively engaging with key stakeholders on your behalf.
Relentlessly Seeking Solutions
We are committed and passionate about helping borrowers find their best financial fit. We tap our trusted network to look at any and all options.
Lit For Life
Our approach to advising is finding the best solution for each client’s life. We will also be there as your needs change through different life stages.
Advising You Like You’re Family
We are a mortgage partner that takes the time to listen to your needs and goals. We care about each client that tailor our advice for your best outcome.
Leading the Industry
We are constantly modernizing lending models, streamlining treasury operations, and increasing transparency across mortgages. This allows us to bring innovative products and better service to you.
Chris Solinski, Branch Manager
“Nothing is impossible. The word itself says ‘I'm possible!’”
People like LitFinancial
When you love what you do, it shows.
I worked with Sue and Niki from Lit Financial, and they were awesome! Their communication and customer service were impeccable from start to finish. They helped me through the challenging refinancing process with professionalism, patience, and care. They were always available to answer my questions and kept me informed every step of the way. I truly appreciate all of their hard work and would highly recommend Sue, Niki, and Lit Financial to anyone looking for financing. They made the entire process as smooth and stress-free as possible. Read more →
I refinanced my house recently and now having worked with both Mark H and Sue from LIT Financial I would absolutely recommend them. They both were very easy to work with, explained anything I asked and didn’t make me feel like I was getting worked over somehow like I have had with ALOT of other companies. It was just a nice experience, and I’ll absolutely be using them again if/when the time comes. Thanks again to those two. Read more →
I had an amazing experience working with my mortgage bankers Sue and Lex, throughout the process of purchasing my vacation home. From start to finish, they were professional, knowledgeable, and always available to answer any questions I had. They made what could have been a stressful process feel smooth and straightforward, and I truly felt like they had my best interest in mind every step of the way. Their communication was excellent, and they kept everything on track and on time. I’m beyond grateful for their help in making this purchase possible. I highly recommend them to anyone looking for… Read more →
Steve is incredible! I had the best experience working with Steve, and he has been my go-to loan officer ever since. As a Realtor, I strive to provide my clients with the best support and a top-notch experience, and I only recommend the best professionals in the mortgage industry. If you want the best loan officer, reach out to Steve — you won’t be disappointed! Read more →