Am I eligible for a reverse mortgage?
The eligibility requirements for reverse mortgage are pretty simple. You or your spouse needs to be at least 62 and have a significant amount of equity in your home. You also need to demonstrate that you have the ability to continue to pay ongoing property charges such as taxes and insurance. Finally, you need to live in the home.
What is a reverse mortgage?
A reverse mortgage is a loan product that converts the equity that you hold in your home to cash. Rather than you make monthly payments, you can elect to have the bank make monthly payments to you. To pay off the loan, you can either repay the balance or give the bank the house
There are a number of key features of reverse mortgages that you should study before you sign up for one.
What happens to my house with a reverse mortgage?
As long as the house remains your primary residence and you stay current with property charges, you can live in your house for as long as you live. After your death, your heirs can either pay off the balance of the loan or return the home to the bank.
How much money could we get from a reverse mortgage?
It depends on several factors, including the value of your home, your age and the interest rate.
Where can I find more information about reverse mortgages?
You can find out more about reverse mortgages by speaking with any one of the lenders you find on this site. You can also use the Department of Housing and Urban Development (HUD) which regulates the program. Check out the HUD site for a few way to find a counselor who has been trained in reverse mortgages and who will be able to give you great information.