Leading Loan Specialists for Senior Homeowners

If you reside in Connecticut and are considering how a reverse home mortgage might benefit you, why not contact one of the many reverse mortgage lenders in the state?

Connecticut FHA Reverse Home Loan Limits

Property values tend to be a bit high in Connecticut and the FHA mortgage limits vary from county-to-county from a bit above average to high. These limits are key in determining who qualifies to borrow a federally insured HECM. The HUD Home Equity Conversion Mortgage is designed to provide a reverse mortgage for the average homeowner.

Connecticut borrowers seeking a HECM should choose a lender from the HUD-approved lender list. Lenders must have made a HECM within the last year to make this list.

Property Tax Deferrals—Low Cost Reverse Mortgage Products

Connecticut has considered offering a statewide senior citizen property tax deferral program, but so far these programs are only available on a local basis. However quite a number of municipalities within the state do offer a PTD. Most property tax deferral programs work much like a reverse mortgage except that the money is diverted to pay property taxes—a single or special purpose.

Reverse Mortgage Providers in Connecticut

The list below is by no means exhaustive and includes both national companies as well as local.

Agency for Consumer Equity Mortgages

This Connecticut and New York based company is a region specialist in reverse mortgages. Consumer Equity provides the three primary reverse mortgages: the FHA or federally insured Home Equity Conversion Mortgage, the Fannie Mae Home Keeper and the Financial Freedom Cash Account product. Senior borrowers may also find a wealth of information relative to reverse mortgages easily accessible on the Consumer Equity website.

All Island Mortgage and Funding, Corp.

This independent and family-owned company is headquartered in the region and has made a long history of providing customers with a wide range of home loans including forward and reverse mortgages.

EverBank Reverse Mortgage

One of the more well-known reverse mortgage providers, EverBank offers customers its proprietary Reverse Select jumbo reverse mortgage. Senior homeowners in the high-dollar locations or those with a very high equity value may need a jumbo reverse mortgage that sets lending limits higher than those imposed by the FHA and federally insured reverse mortgages. Besides the jumbo reverse mortgage, EverBank is also an FHA-approved lender and offers borrowers the ultra-popular Home Equity Conversion Mortgage (HECM) as well as the Fannie Mae Home Keeper reverse.

Ocean State Reverse Financing

This Rhode Island based company also is licensed for business in Connecticut and Massachusetts and maintains offices in each. As the name suggests this diminutive lender specializes in providing the best reverse mortgage products and services to local senior homeowners.

Guilford Savings Bank

Here is an example of a small town institution, a retail bank that offers a wide suite of financial services to local customers in Connecticut, including a number of reverse mortgage products. Due to size constraints GSB is unable to service all its loan products so Financial Freedom services the reverse mortgage loans extended to local borrowers.

World Alliance Financial

World Alliance Financial is one of the leading reverse mortgage companies with offices throughout the United States. WAF is an FHA-approved lender for the Home Equity Conversion Mortgage. The company also extends a private reverse mortgage, the Equity Plus Advantage Reverse Mortgage, a jumbo loan designed to provide higher lending limits for homeowners with high-value, high-equity homes.