American Mortgage Services: Reverse Mortgage Guide for 62+ Homeowners
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How a Reverse Mortgage Can Help You
If you’re 62 or older, you may consider a reverse mortgage for your home. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
If you do decide to look for a reverse mortgage option, review the different types of reverse mortgages and comparison shop before you decide on a particular company.
There are three kinds of reverse mortgages:
- Single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits
- Proprietary reverse mortgages – private loans
- Federally insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs).
Read on to learn more about how reverse mortgages work, qualifying for a reverse mortgage, getting the best deal for you, and how to report any fraud you might see.
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How do Reverse Mortgages Work?
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take a portion of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home. When you die, sell your home, or move out, then you, your spouse, or your estate would repay the loan. Sometimes that means selling the home to get money to repay the loan.
The money you get usually is not taxable, and it generally won’t affect your Social Security or Medicare benefits. When the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence, the loan has to be repaid. In certain situations, a non-borrowing spouse may be able to remain in the home.
Here are some things to consider about reverse mortgages:
There are fees and other costs. Reverse mortgage lenders generally charge an origination fee and other closing costs, as well as servicing fees over the life of the mortgage. Some also charge mortgage insurance premiums (for federally-insured HECMs).
You owe more over time. As you get money through your reverse mortgage, interest is added onto the balance you owe each month. That means the amount you owe grows as the interest on your loan adds up over time.
Interest rates may change over time. Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing. Often, the total amount you can borrow is less than you could get with a variable rate loan.
Interest is not tax deductible each year. Interest on reverse mortgages is not deductible on income tax returns – until the loan is paid off, either partially or in full.

Why Choose Us?
- Experience – We put our 40+ years of combined experience in the Mortgage industry to work for YOU!
- Loan Programs – We have more loan options available than banks, credit unions and most direct lenders.
- Low Rates – We shop our expansive book of lenders to find the best rate for your unique needs!
- Fees – As a wholesale mortgage broker, we are able to charge less fees than most competitors.
- Communication – Our knowledgeable team members are easily accessible to answer your questions and to update you and your realtor throughout the process of your loan.
Their responsiveness and expertise was top notch and they really couldn't have provided a better service. There was constant communication, whether by phone, text, or email, without any major delays, which kept the process moving expeditiously.
AMS was recommended to me, and I would refer them to anyone. I wouldn't look elsewhere for future needs. They're experts in their field, and the transaction couldn't have gone more smoothly from start to finish. The best part is that this is a one-stop shop, and mortgage brokerage and insurance services can be acquired at once.
The entire process was smooth, and they took the time to explain every step in detail, making sure we felt comfortable and informed throughout. They were always available to answer our questions, no matter how small, and went above and beyond to find the best mortgage options for our situation.
We were initially overwhelmed by the home-buying process, but thanks to their expertise, we felt confident and taken care of every step of the way. The team worked quickly and efficiently, and we were able to close on our dream home without any issues.
If you're in the market for a mortgage, we highly recommend American Mortgage Services. They made what could have been a stressful process so much easier, and we’re incredibly grateful for their help.
Thank you for helping us make our home a reality!
My particular set of circumstances proved taxing at times but, American Mortgage Services showed relentless foward momentum, professionalism towards me and ensuring this process was as streamlined as possible.
Will be using them in the near future for my future lending needs - you should, too!
Thank you, AMS team!
Thanks, AMS!
We were facing a major roadblock when our initial lender suddenly went out of business, but Anthony came to the rescue!
He and his team worked tirelessly to secure a new lender and got us the clear to close in just 7 days - we couldn't believe it! Anthony was always on top of things and kept us informed throughout the process.
His exceptional communication skills made it seem like he was always available to answer any questions we had. We truly appreciate Anthony and the team at American Mortgage Services dedication and enthusiasm, and we wholeheartedly recommend him to anyone looking for a reliable and fantastic mortgage broker.
Their team worked tirelessly to ensure that my mortgage loan was processed efficiently and accurately, and they kept me updated throughout the entire process. They were always available to answer my questions and provide guidance, and their communication was prompt, clear, and friendly.
Thanks to their hard work and dedication, I was able to secure a mortgage loan that met my needs and allowed me to purchase the home of my dreams. I cannot thank AMS enough for all that they did for me - they truly exceeded all of my expectations. If you are in need of mortgage services, look no further than this exceptional company. Thank you again for everything!
I will definitely refer him to my clients for my REALTY business.
Thank you all
Overhwlming amount of success with his programs and his communication is well above his competitors in the field.
Thanks for being an amazing partner and even more importantly, thanks for ensuring the client is taken care of in all aspects of service.
Shawn Rigney
Their responsiveness and expertise was top notch and they really couldn't have provided a better service. There was constant communication, whether by phone, text, or email, without any major delays, which kept the process moving expeditiously.
AMS was recommended to me, and I would refer them to anyone. I wouldn't look elsewhere for future needs. They're experts in their field, and the transaction couldn't have gone more smoothly from start to finish. The best part is that this is a one-stop shop, and mortgage brokerage and insurance services can be acquired at once.
The entire process was smooth, and they took the time to explain every step in detail, making sure we felt comfortable and informed throughout. They were always available to answer our questions, no matter how small, and went above and beyond to find the best mortgage options for our situation.
We were initially overwhelmed by the home-buying process, but thanks to their expertise, we felt confident and taken care of every step of the way. The team worked quickly and efficiently, and we were able to close on our dream home without any issues.
If you're in the market for a mortgage, we highly recommend American Mortgage Services. They made what could have been a stressful process so much easier, and we’re incredibly grateful for their help.
Thank you for helping us make our home a reality!
My particular set of circumstances proved taxing at times but, American Mortgage Services showed relentless foward momentum, professionalism towards me and ensuring this process was as streamlined as possible.
Will be using them in the near future for my future lending needs - you should, too!
Thank you, AMS team!
Thanks, AMS!
We were facing a major roadblock when our initial lender suddenly went out of business, but Anthony came to the rescue!
He and his team worked tirelessly to secure a new lender and got us the clear to close in just 7 days - we couldn't believe it! Anthony was always on top of things and kept us informed throughout the process.
His exceptional communication skills made it seem like he was always available to answer any questions we had. We truly appreciate Anthony and the team at American Mortgage Services dedication and enthusiasm, and we wholeheartedly recommend him to anyone looking for a reliable and fantastic mortgage broker.
Their team worked tirelessly to ensure that my mortgage loan was processed efficiently and accurately, and they kept me updated throughout the entire process. They were always available to answer my questions and provide guidance, and their communication was prompt, clear, and friendly.
Thanks to their hard work and dedication, I was able to secure a mortgage loan that met my needs and allowed me to purchase the home of my dreams. I cannot thank AMS enough for all that they did for me - they truly exceeded all of my expectations. If you are in need of mortgage services, look no further than this exceptional company. Thank you again for everything!
I will definitely refer him to my clients for my REALTY business.
Thank you all
Overhwlming amount of success with his programs and his communication is well above his competitors in the field.
Thanks for being an amazing partner and even more importantly, thanks for ensuring the client is taken care of in all aspects of service.
Shawn Rigney