What is a Reverse Mortgage?
A reverse mortgage is a government backed home loan that allows a homeowner to access the existing equity in their home and convert it to cash. Unlike traditional mortgages, no payment is required* until the borrower(s) no longer use the home as their primary residence.
How do you Qualify for a Reverse Mortgage?
All applicants must be at least 62 years old and must occupy the home as their primary residence.
Program highlights
- Choose a lump sum, line of credit, or combination of both
- Stay in your home and retain the title
- No monthly mortgage payments required
*Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event. This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency.
|
