Reverse Mortgage

Loan Highlights

• 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

Loan Requirements

• 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.