To qualify, in most cases the borrower must be over 62 years of age, however, there are some new proprietary products that allow the borrowers to be as young as 55.
- You qualify for a portion of what home is worth based on your age. The first thing the reverse mortgage does is pay off your current mortgage. In many cases, there is money left over and the borrower can access that cash in a lump sum, line of credit, or monthly payments, or a combination of them.
- No mortgage payment is required as long as the borrower is maintaining the home as their primary residence for as long as they live.
- Most reverse mortgage are FHA insured loans.
- You are not selling your home, the reverse mortgage is just a lien on the property like any other mortgage.
- For more information, call today to speak to a licensed loan officer.