Reverse Mortgage Eligibility Requirements.
Youngest Borrower must be 62 or older.
Have a single-family home or other approved property.
Must own the property and intend to live in the home as your primary residence.
Can pay off existing loans with proceeds from your reverse mortgage.
Borrower must keep current on taxes, insurance, maintenance, etc.
Loan Amount based on:
The age of youngest borrower residing in subject property
Current Interest rate -Fixed rate or adjustable.
Lesser of appraised value or FHA insurance limit. Currently $625,500
What can a Reverse Mortgage do for you?
Reverse Mortgage News..
4 Ways a HECM Loan Can Help.
A reverse mortgage is a non-recourse home loan that is based upon age and the equity that you have in your home, according
to Investopedia, and not your income or creditworthiness. The minimum age that you can apply for one is 62, and repayment typically doesn't start until after you have passed away; unless you sell the house early or violate the terms of the loan, like renting the house out or not using is as your primary residence.
It is not uncommon to be living on a fixed income and a set and restricting budget for many older Americans. But sometimes you may require more cash than is on-hand for one or more reasons. Here are a few examples of where a reverse mortgage might be able to help you...
Free, Objective Reverse Mortgage Information
When you fill out the form above, you will receive a Reverse Mortgage Guide –absolutely free with no obligation! It includes useful information about eligibility and how much money you qualify for.
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How Does a Reverse Mortgage Work?
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