Chris Solinski and Sue Beidoun were absolutely fantastic to work with. They not only made the mortgage process smooth and easy to navigate, but they also secured us a rate that beat a credit union by over half a percentage point... which made a huge difference for our family! Communication was clear, timely, and proactive. We always knew what was coming next and felt fully supported throughout the process. Sue kept everything organized behind the scenes, and Chris provided great insight and guidance at every step. Beyond their professionalism, they’re just genuinely good people who care about their clients. We’re… 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.
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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, Executive Loan Officer
“Nothing is impossible. The word itself says ‘I'm possible!’”
People like LitFinancial
When you love what you do, it shows.
I had an amazing experience working with Kristina House during the process of getting my house. She made everything simple, clear, and stress-free from start to finish. Kristina was always responsive, professional, and patient, taking the time to explain every step and answer all my questions. Her knowledge and dedication really stood out. I always felt supported and confident that she had my best interests in mind. I highly recommend Lit Financial to anyone looking to buy a home — you’ll be in great hands! Read more →
Working with Lit Financial was great! The communication from the Loan Officer, Jay Saad was also great! Jay was always available when myself (buyers agent) or the buyer needed help or questions answered. Jay made himself fully available during the entire escrow. Some nights the calls were past 9pm, but Jay would always answer or send an immediate text letting me know he'd be calling right back. Jay was diligent with his work and always professional when it came to explaining things to myself and my first-time buyer. I would highly recommend working with Jay Saad. Read more →
I wanted to express my gratitude for the exceptional experience I have had working with Lit Financial as a whole and wanted to particularly shout out Sue Beidoun! Her positivity and vibrant personality have truly made all the difference in the loan process, especially from an underwriting perspective! While the majority of my partner's at Lit Financials' attention to detail and commitment to excellence have greatly facilitated our work, ensuring a smooth and efficient process. I would love to emphasize Sue's proactive approach and enthusiasm not only making the process more enjoyable but also significantly contribute to our mutual success.… Read more →
We were moving 1800 miles across country and worked with Chad Pounders at Lit Financial to broker our mortgage. As difficult as remote home buying can be, the financing was the least stressful by a wide margin and I credit that to Chad and his team at Lit. Communication was always quick and Chad showed a ton of patience as we worked through inventory with our realtor. Chad is knowledgeable and was open and honest about our options as we moved through the process. I highly recommend reaching out to Chad and his team at Lit if you are in… Read more →