A lot of homeowners 55 and older locked in a mortgage rate years ago that they’ll never see again — and the idea of a full reverse mortgage that replaces that first mortgage entirely is a non-starter. A Reverse Mortgage Second solves that problem directly: it leaves your existing first mortgage exactly where it is and adds a second-lien reverse mortgage behind it to unlock cash.
How it works
Like a traditional reverse mortgage, this is a non-recourse loan — neither you nor your heirs are personally liable for repayment, and there are no required monthly payments on the reverse second itself. The funds can go toward home repairs, medical costs, debt payoff, or simply staying more liquid in retirement.
Minimum credit score: 640
Program highlights
- Loan amounts from $50,000 up to $1,000,000
- Fixed rate
- No upfront or monthly mortgage insurance premium
- Simplified financial assessment available for qualifying borrowers
- Repair set-asides allowed
- Eligible on single-family homes, PUDs, condos/townhomes, and 2–4 unit properties
What your existing first mortgage needs to look like
Your current first lien needs to be a fully amortizing fixed-rate mortgage, a HELOC already in its repayment period, or a fully amortizing ARM. It can’t be interest-only, a balloon loan, negatively amortizing, held by a private lender, or already a reverse mortgage — and it can’t be in forbearance.
Who it’s for
Homeowners who want to age in place, keep the mortgage rate they already have, and still put their home equity to work.
Have a scenario you want to run? Send us the details and we’ll let you know within hours whether it fits — Select Home Loans | NMLS # 2384002 | Call (888) 550-3296 | Email: info@selecthomeloans.com.
