Reverse Mortgage

A reverse mortgage is a type of loan available to Seniors (62 and over), used as a way of converting their home equity into one or more cash payments while retaining ownership of the property and avoiding monthly payments. Repayment of the loan is deferred until the borrower is no longer living in the home.

Requirements

To qualify for a reverse mortgage in the United States, the borrower must be at least 62. The borrower must pay off any existing mortgage(s) with the proceeds from the reverse mortgage and, if needed, additional personal funds. There are no minimum income or credit requirements, and for most reverse mortgages, the money can be used for any purpose. A pending bankruptcy that has not been finalized may, however, slow the process. Some types of dwellings, such as lower-value mobile homes, do not qualify. Before borrowing, applicants must seek HUD approved counseling. The counseling is a free safeguard for the borrower and his/her family, to make sure they completely understand what a Reverse Mortgage is, and what the process of obtaining one is.

Other Options

There are many other options for Seniors than a Reverse Mortgage. We would be happy to sit down with you or give you call to discuss all of your options. Please Contact Us for more information and one of our mortgage consultants can help you choose which program is right for you.

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