Common Questions about Reverse Mortgages
What is a Reverse Mortgage?
A reverse mortgage is a loan against the value your home to provide up-front and/or ongoing funds to meet your financial goals.
What are the different kinds of Reverse Mortgages?
There are multiple forms of reverse mortgages tailored to fit your financial goals.
A reverse mortgage can be used to provide a lump sum, to pay off an existing mortgage, to create monthly income for living expenses or to even enable the purchase of a new home resulting on no monthly mortgage payments.
What are the requirements of a Reverse Mortgage?
In most cases, you must be 62 years or older to qualify for a reverse mortgage.
You must pass certain qualifications regarding the amount of equity in your home, the appraised value of your home, and your credit-worthiness.
You will be required to receive counseling regarding your options from an independent third-party counselor. This is to ensure that you understand all of the details of a reverse mortgage and to help correct former abuses in the industry leading up to the 2008 housing crisis.