A Reverse Mortgage is available to Homeowners 62 years old and older.
This Federal Housing Administration loan enables you to withdraw a portion of your Primary home’s equity to payoff existing debt or supplement your income. A Reverse mortgage can even be used to purchase a new home. With a Reverse Mortgage there are no monthly principal and Interest payments.
- You are selling the home to the lender
- Someone can outlive a reverse mortgage.
- You must own your home outright to get a reverse mortgage.
- You are leaving a financial mess for your heirs.
- You continue to own your home
- You can stay in the home regardless of age as long as all loan terms are met.
- Terms include living in the home as your primary residence and maintaining the home.
- Pay home expenses such as Property taxes and Insurance.
- You do not need to own your home outright to qualify.
- Eligibility is based on the age of the youngest borrower and the amount of equity in the home.
- A Reverse Mortgage is a non-recourse loan. Neither you nor your heirs are liable for any amount of the mortgage that transcends the value of your home.