Jon Sias, Vice President HECM National Division

Welcome to NEVADA-REVERSE-MORTGAGES.com, The Federal Savings Bank Mortgage website! Our mission is to set the highest standard in the Reverse Mortgage industry. We are committed to quality customer service and putting the needs of the people we serve first. We will always adhere to the highest degree of integrity in all of our business dealings.

When it comes to Reverse Mortgages, Education is the key. Our position is to encourage prospective clients to invite family members - whenever possible - to be a part of the Reverse Mortgage discussion. Our pledge to you and your family is to provide all the relevant information, so everyone is able to make informed decisions.

We hope you find the site informative. Please feel free to send comments or suggestions regarding the site to jsias@thefederalsavingsbank.com .
 

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Reverse Mortgages

A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

 

Am I Eligible?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance
that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.

 

How Much Do I Get?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

 
 

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