# Mortgage Basics

Second Home

Reverse mortgages are a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance.

A reverse mortgage works much like a traditional mortgage, except in reverse. Instead of the homeowner paying the lender each month, the lender pays the homeowner. As long as the homeowner continues to live in the home, no repayment of principal, interest, or servicing fees are required. The funds received from a reverse mortgage may be used for anything, including housing expenses, taxes, insurance, fuel or maintenance costs.

Up to
90%
LTV - Purchase
90%
LTV - Rate & Term
90%
LTV - CASH OUT
30%
Year Fixed
IO Options
County specific
Price range

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# Apply For FHA

Who can get Reverse Mortgages

To qualify for a reverse mortgage, you must own your home. You may choose to receive the reverse mortgage funds in a lump sum, monthly advances, as a line-of-credit, or a combination of the three, depending on the reverse mortgage type and the lender. The amount of money you are eligible to borrow depends on your age, the amount of equity in your home, and the interest rate set by the lender.

Because the borrower retains ownership of the home with a reverse mortgage, the borrower also continues to be responsible for taxes, repairs, and maintenance.

Depending on the plan selected, a reverse mortgage is due with interest either when the homeowner permanently moves, sells the home, dies, or the end of a pre-selected loan term is reached. If the homeowner dies, the lender does not take ownership of the home. Instead, the heirs must pay off the loan, typically by refinancing the loan into a forward mortgage (if the heirs meet eligibility requirements) or by using the proceeds generated by the sale of the home.

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Testimonials

"Mike Reeves was absolutely amazing. The best loan officer I could have asked for. He was there every single step of the process and answered all my questions immediately. I would HIGHLY recommend him to anyone looking to purchase! Great attitude, can do it spirit, and very k
"I recently had the pleasure of working with Lance Gebhart on my journey to becoming a first-time homeowner, and I cannot express my gratitude enough for the outstanding service he provided. From the initial stages of the homebuying process to well beyond the closing, Lance
"I had an incredible first experience with Groves Capital. I was thoroughly impressed with Kristin Howard's ability to consider all options to find solutions using her vast knowledge and experience. Despite a few challenges, she always put in the work to find a way forward be
"Very professional and spent the time and effort needed to complete the loan despite many obstacles Kristen Howard NEVER gave up and placed the loan"
"We just bought a house with the help of Chris Mishima! He was our realtor AND our mortgage broker, which are both difficult jobs separately, yet he did them both so well. The odds weren’t always in our favor, and Chris fought hard for us to get the best deal possible. We are
"Ashley was very helpful and was very pleasant to deal with!"
"Kristin was hands down the most dedicated and hard-working loan specialist I have ever witnessed. I have closed over 10 loans in the last 3 years, and Kristin was hands down the most experienced, knowledgeable and dedicated person I have ever seen. I personally had a pair

# Apply For FHA

Why Should You Choose Us?

We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our simple Hard Money Rate Quote.

  • Customer Focused
  • Minimal Documentation
  • In-Houses Controls
  • Best Loan Services
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# Apply Now!

Our Core Purchasing Service

Whether you’re looking to purchase a new home or refinance your existing home,Groves Capital can provide all the help you need.

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Bankruptcy Discharged

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FHA Loans

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Cal FHA

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Cal Hero

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Cal STRS

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FHA Streamline

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FHA 203k Loans

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Hybrid ARM

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Interest Only

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Reverse Mortgages

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Sale Leaseback

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VA Irrrl

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VA Veterans Affairs

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# Work With Us

States We Lend In

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Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.

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(866) 382-1466