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.
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