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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.

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RENOVATION

A home renovation loan is a type of mortgage designed to finance both the
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repairs, additions, and more. Unlike traditional mortgages, the renovation
loan’s interest rate is based on the value of the home after renovation is
complete, allowing homeowners to tap into future equity to get the lowest
interest rate possible. With a renovation loan from Mann Mortgage, you’ll gain
access to our collaborative, cloud-based construction loan software, which
simplifies communication between you, the builder, 3rd-party inspectors, and
title companies.

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Mann Mortgage is proud to offer stick-built contruction loans, which give
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you, the builder, 3rd-party inspectors, and title companies. You also get
full-time support and real-time tracking for the construction phase of your
financing through the building process, to ensure you stay on budget and on time
with your construction loan.

LOAN PROGRAM DETAILS

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