Your Trusted Reverse Mortgage Lender
Your Trusted reverse mortgage Lender
EXPLORE YOUR Loan OPTIONS
Prysma is Connecticut’s trusted reverse mortgage lender, serving residents of Connecticut, New York, Massachusetts and Florida. We are here to help people realize their dream of retirement is possible.
Our experienced loan professionals sit down with you to find the best options for you and your family.
We understand that owning a home can be expensive, and steady income in retirement is a big concern, but we support you through every step of the reverse mortgage process.
Fill out the form or call today to learn which of our reverse mortgage solutions is right for you. (888) 743-9985
The 4 SIMPLE STEPS TO a reverse mortgage
Prysma is here to help you through your reverse mortgage. Here is the simple 4-Step process to reverse mortgaging your home.
Speak with one of Prysma’s licensed Mortgage Loan Originators to to see if a reverse mortgage is right for you. Our loan originators will take the time to answer all of the questions you have, walk you through the process and explain your different options.
After pre-qualification, the next step is to have your house appraised. Prysma will send an appraiser to your home to take photos. After the appraisal is complete, the loan moves to the underwriting process where all the documents are reviewed and finalized.
closing & Final Documents
Prysma’s Reverse Mortgage Loan Originator will explain any needed updates based on your home’s appraisal. After reviewing the final documents with our loan originator you will sign the finalized paperwork.
Your Receive Payment
Afterwards, you will receive your determined payments. You will still be responsible for the payment of taxes, insurance, and home maintenance. Reverse mortgages are due when you no longer occupy the home.
Why Borrowers Choose PRYSMA for Reverse Mortgages
Prysma Lending went above and beyond to help me with my loan. It’s hard to rely on a good lender now a days, with all the big corporate banks out there. Prysma provided me with Amazing service. I have been using them for over 10 years and couldn’t be happier.
– S. Johnson
Highly recommend Prysma! They were very professional and went above and beyond my expectations! They kept me informed and answered all my questions. A special thanks for Debora and Mark for their effort, even during their vacation they worked and made my closing happened.
– M. Breda
Prysma cares about their clients and works hard to demonstrate that with each closing!
– W. Bernard
Understanding Reverse mortgages
what is a reverse mortgage?
A reverse mortgage is a type of home loan where homeowners (62 years or older) can turn existing home equity into cash.
types of reverse mortgage
home equity conversion mortgage (HECM)
Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that is managed by the U.S. Department of Housing and Urban Development and issued by a mortgage lender. Instead of being a government loan, it will also be insured by the Federal Housing Administration (FHA).
proprietary reverse mortgage
Proprietary reverse mortgages allow senior homeowners to access their equity through a privately insured company. If your current home has a high value, you may be entitled to a larger reverse mortgage. Essentially, this means that any home with a higher appraised value and a small mortgage may qualify for additional funds.
Single-purpose reverse mortgage
Single-purpose reverse mortgages are less expensive than any other reverse loan and can be available for those with low or moderate income. Senior homeowners will be able to use these loans for one purpose, but it must be specified by the lender. Appropriate uses of this loan can be home repairs or property taxes.
Why choose a reverse mortgage?
- For homeowners over the age of 62, reverse mortgage loans offer a more comfortable retirement
- You are able to live in your home and still have ownership of its title.
- Reverse mortgage loans can be used toward existing mortgage on your home
- You will not have to pay monthly mortgage payments as long as you remain on the property and pay off property taxes, home insurance and maintenance.
- Anything from the Federal Housing Administration (FHA) Mortgage Insurance Premium (MIP) such as closing costs or recurring fees can be financed.
- Once you pay off the loan, any remaining equity will be yours or can be transferred to family members