Multi-State Lender
There is more than one way to structure your payment plan with a reverse mortgage, including:
- Monthly payout for the life of the loan
- Monthly payout of a set amount for a specific timeline
- Cash at close with a balance added to a line of credit
- Line of credit in order to take advantage of the growth rate for future need
Any combination of the above options
Below are the basic homeowner eligibility requirements:
- Must be 62 years or older
- Live in home as primary residence; vacation homes and investment properties do not qualify
- Complete a HUD-approved counseling session
- Must be able to pay homeowners taxes, insurance and any applicable HOA fees
Proceeds can be used for any purpose such as:
Eliminate monthly mortgage payment*
In-home care
Healthcare costs
Home improvements
Long-term care
Home purchase
Pay property taxes
Pay insurance
Emergency fund
Supplement retirement
Other living expenses
*Must maintain property as primary residence and keep property taxes, insurance and HOA dues current.
Stability and success are important at every stage in your life. For those exploring reverse mortgages, we understand that your family and your security are paramount.
We provide quality customer care you can trust. We’ll guide and educate you through the process to make it manageable, with transparent communication and a commitment to make sure your needs are taken care of before, during and after the loan. We’re dedicated to helping you achieve your financial goals.
Michael leads loan operations, he’s been in the industry for more than 20 years and was one of the first loan officers in the state of Kansas to offer reverse mortgages. Tammy leads marketing and community relations and is very active in the Wichita senior community as part of Elder Care, Senior Networking, CPAAA and teaches community senior chair yoga classes. Both have earned master's in business administration from Wichita State University and are avid Shocker fans.
Michael and Tammy teach continuing education courses on reverse mortgages to industry professionals. They present at seminars around Kansas to educate real estate industry professionals, retirement advisors, and seniors on these loans.
They are both animal lovers and donate proceeds from the continuing ed courses to the Kansas Humane Society. When asked, Michael says “we are passionate about reverse mortgages because the loan program can significantly help seniors’ financial situation,
quality of life and retirement plans.”
There are many misconceptions about reverse mortgages, so it is important to know the facts. A reverse mortgage, or HECM (Home Equity Conversion
Mortgage) is a federally insured loan*
No. A borrower may designate an heir of their choosing. The heir(s) will inherit the home after the last surviving borrower passes away and may then choose to keep (by paying off the amount of reverse mortgage balance) or sell the home. Should they choose to sell, any remaining equity after paying off the loan (minus interest and/or fees) would be theirs.**
Yes. Many borrowers use a reverse mortgage to pay off their existing mortgage and eliminate their monthly mortgage payment. In many cases, there is a line of credit left over for the borrower.
The amount you can borrow is dependent on several factors including: age, home appraisal value and current interest rates.
You should always check with your tax specialist before applying, however, in general, a reverse mortgage does not affect Social Security and/or Medicare.
The bank does not take ownership of your home, they simply extend a loan to you. You continue to own and live in your home and are responsible for payment of property taxes, required insurance and any applicable HOA fees.
*MTG Family Mortgage (Powered by American Mortgage Bank, Inc) is not acting on behalf of or
at the direction of the federal government.
**Must comply with the terms of the mortgage.
Here's an overview of how the reverse mortgage works.
Past customers talk about their experience in working with Michael and how the reverse mortgage worked for them.
In this video I explain how the Reverse Mortgage for Purchase works.
Call us to schedule an in-person meeting to simply learn more or to see if a reverse mortgage is a good fit for you. You can also schedule a phone call with Michael here: calendly.com/mikegon
Open today | 09:00 am – 05:00 pm |
MTG Family Mortgage is a Powered by American Mortgage Bank, Inc (NMLS #1151140, nmlsconsumeraccess.org). Michael Gonzales NMLS #221988. 2290 N. Tyler Rd., Suite 200, Wichita, KS 67205. Equal Housing Opportunity Lender.
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