Reverse Mortgage Options for Seniors
The reverse mortgage is insured by the Federal Housing Administration (FHA). It allows seniors to tap into their home’s equity to allow them to supplement their retirement income.
- Borrowers receive their home’s equity in equal monthly payments, as a line of credit, or as a lump sum payment
- No mortgage payments are required as long as you keep up with the home’s taxes, insurance, and maintenance
- You can leave the property to your heirs who will receive the equity after paying off the reverse mortgage
- Loans available 1-4 unit properties and/or FHA approved condos
*Subject to underwriting review and approval
- You and your spouse (co-borrower) must be at least 62-years old. The amount you receive is based on the age of the youngest borrower.
- There’s no minimum credit score requirement, but lenders do a financial assessment to ensure you can afford the taxes, insurance, and home maintenance
- At least one borrower must live in the home as their primary residence full-time
- You must not be delinquent on any federal debt
- You must undergo HUD housing counseling before taking out a reverse mortgage
Other terms and conditions will apply. Contact a Mortgage Loan Originator for more information.
We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.
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