Reverse Mortgages

Here To Support Your Needs

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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Reverse Mortgages | American Mortgage Services

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.

American Mortgage | Reverse Mortgages

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.
Wendy Ann HathawayWendy Ann Hathaway
16:36 31 Jan 23
Cody and Joanne at American Mortgage Services, are fantastic! The whole team that I worked with were so helpful. With the rising interest rates, I thought I would never be able to find a decent mortgage product! Cody listened to me and answered all of my questions and provided information I didn't even know I needed! Joanne made it so easy! It's such a stressful time and I never had to worry about this process. I received updates several times a week via phone calls, text messages, and email. I never had to wonder what was going on. I highly recommend American Mortgage Services, Inc.!
Pablo BonillaPablo Bonilla
13:37 20 Sep 22
The team at American Mortgage Services did a great job in working on the finding the right lender and interest rate available. They worked non-stop in making sure it all worked out in my favor. The team was always available for questions and willing to help in the process of securing the finances. Thank you Lindsey, Theresa & Michael for truly expectational service.
Alexis RodríguezAlexis Rodríguez
04:00 27 Aug 22
Thank you Clay and Joanne for this great experience processing my new house mortgage loan. What a great Team!! Every communication was very professional, friendly and I can tell that I always felt that you both were looking forward to finding the best numbers for me. I even didn’t need to ask for updates in the process, THE STATUS UPDATES WERE ALWAYS PART OF THE PROCESS!! Thank you, Thank you, Thank you!!! Will always be grateful with you both for my awesome new house and great experience with American Mortgage. I would rate with a 10.
I have gone through Clay at American Mortgage Services for my last 2 home purchases and will continue to do so. We loved being able to talk to Clay after hours or on the weekends if needed. Sheri did a fabulous job getting us the best rate to keep our payments low. We recommend AMS to everyone we know. Thanks for making us feel right at home and at ease.
Taylor RTaylor R
00:42 16 Aug 22
American Mortgage Services was the perfect piece to our puzzle. Clay helped us secure a great rate and with the help of his amazing team all of our paperwork was ahead of schedule for our closing. If you’re interested in a new home, contact AMS before you go shopping to get prequalified. Very professional and made us feel like family. We’ve already recommended AMS to our friends and will be contacting them for our next home!
Saad H. SaadSaad H. Saad
14:35 10 Aug 22
By far one of the greatest Teams I have ever worked with. They go the extra mile to make sure you are well taken care of. You are not a number to them, you are family. They take the time to explain everything in detail. The support you get from everyone on this Team is genuine. Clay, Lindsey, Alexis, and the list goes on, all take the time to make sure you are well taken care of. If there was an option for 10 stars they would have received that from me. Keep up the great work American Mortgage Services.
Tyler HaldaneTyler Haldane
23:11 22 Jun 22
Highly recommend American Mortgage Services!! Clay and his team are the best. Extremely prompt response time and by far the best rate we were offered.
John SchmidtJohn Schmidt
21:05 20 Jun 22
What an amazing experience I had with the loan process! I just closed on a beach condo and they made it happen in only 20 business days! If you know anything about loans and investment properties, especially condos, you know it can be a long and tough process, but they got it done! Will definitely use them for my next investment property and any future real estate purchases.
Nicole ReedNicole Reed
02:09 14 Jun 22
Lindsey was absolutely phenomenal! She & the AMS team definitely know how to get a deal closed & closed quickly! Very happy with our experience with AMS. Highly recommend!
Paul BilyeuPaul Bilyeu
14:41 13 Jun 22
The whole team at American Mortgage Services in Tampa was fantastic. They were always available to answer questions and always willing to hand-hold during the anxious times. A great experience all-around.
alice monteleonealice monteleone
12:19 09 Jun 22
JB and his whole team were so great!! Everything from the beginning to the end went smoothly!! The whole team was always on top of all conversations and any issues that came up were fixed immediately! We actually closed 4 days sooner then expected! I would 10000 percent recommend!!
Shawn RigneyShawn Rigney
21:37 08 Feb 22
I'm a realtor and I work with Shaun Mathena regularly. He is hands down one of the most attentive and involved mortgage professionals to date.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
Wendy Ann HathawayWendy Ann Hathaway
16:36 31 Jan 23
Cody and Joanne at American Mortgage Services, are fantastic! The whole team that I worked with were so helpful. With the rising interest rates, I thought I would never be able to find a decent mortgage product! Cody listened to me and answered all of my questions and provided information I didn't even know I needed! Joanne made it so easy! It's such a stressful time and I never had to worry about this process. I received updates several times a week via phone calls, text messages, and email. I never had to wonder what was going on. I highly recommend American Mortgage Services, Inc.!
Pablo BonillaPablo Bonilla
13:37 20 Sep 22
The team at American Mortgage Services did a great job in working on the finding the right lender and interest rate available. They worked non-stop in making sure it all worked out in my favor. The team was always available for questions and willing to help in the process of securing the finances. Thank you Lindsey, Theresa & Michael for truly expectational service.
Alexis RodríguezAlexis Rodríguez
04:00 27 Aug 22
Thank you Clay and Joanne for this great experience processing my new house mortgage loan. What a great Team!! Every communication was very professional, friendly and I can tell that I always felt that you both were looking forward to finding the best numbers for me. I even didn’t need to ask for updates in the process, THE STATUS UPDATES WERE ALWAYS PART OF THE PROCESS!! Thank you, Thank you, Thank you!!! Will always be grateful with you both for my awesome new house and great experience with American Mortgage. I would rate with a 10.
I have gone through Clay at American Mortgage Services for my last 2 home purchases and will continue to do so. We loved being able to talk to Clay after hours or on the weekends if needed. Sheri did a fabulous job getting us the best rate to keep our payments low. We recommend AMS to everyone we know. Thanks for making us feel right at home and at ease.
Taylor RTaylor R
00:42 16 Aug 22
American Mortgage Services was the perfect piece to our puzzle. Clay helped us secure a great rate and with the help of his amazing team all of our paperwork was ahead of schedule for our closing. If you’re interested in a new home, contact AMS before you go shopping to get prequalified. Very professional and made us feel like family. We’ve already recommended AMS to our friends and will be contacting them for our next home!
Saad H. SaadSaad H. Saad
14:35 10 Aug 22
By far one of the greatest Teams I have ever worked with. They go the extra mile to make sure you are well taken care of. You are not a number to them, you are family. They take the time to explain everything in detail. The support you get from everyone on this Team is genuine. Clay, Lindsey, Alexis, and the list goes on, all take the time to make sure you are well taken care of. If there was an option for 10 stars they would have received that from me. Keep up the great work American Mortgage Services.
Tyler HaldaneTyler Haldane
23:11 22 Jun 22
Highly recommend American Mortgage Services!! Clay and his team are the best. Extremely prompt response time and by far the best rate we were offered.
John SchmidtJohn Schmidt
21:05 20 Jun 22
What an amazing experience I had with the loan process! I just closed on a beach condo and they made it happen in only 20 business days! If you know anything about loans and investment properties, especially condos, you know it can be a long and tough process, but they got it done! Will definitely use them for my next investment property and any future real estate purchases.
Nicole ReedNicole Reed
02:09 14 Jun 22
Lindsey was absolutely phenomenal! She & the AMS team definitely know how to get a deal closed & closed quickly! Very happy with our experience with AMS. Highly recommend!
Paul BilyeuPaul Bilyeu
14:41 13 Jun 22
The whole team at American Mortgage Services in Tampa was fantastic. They were always available to answer questions and always willing to hand-hold during the anxious times. A great experience all-around.
alice monteleonealice monteleone
12:19 09 Jun 22
JB and his whole team were so great!! Everything from the beginning to the end went smoothly!! The whole team was always on top of all conversations and any issues that came up were fixed immediately! We actually closed 4 days sooner then expected! I would 10000 percent recommend!!
Shawn RigneyShawn Rigney
21:37 08 Feb 22
I'm a realtor and I work with Shaun Mathena regularly. He is hands down one of the most attentive and involved mortgage professionals to date.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
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