What is a Reverse Mortgage?
A Reverse Mortgage is a loan that is based upon the equity in your home. This loan does not have to be repaid until you either sell your home or permanently leave your primary residence.
What types of Reverse Mortgage Options are available?
- Governmen Approved (HECM)
- FannieMae
- Jumbo Reverse Mortgages
How much am I eligible for:
How much you (the Borrower) will be eligible for depends on four factors:
- The age of the youngest borrower (minimum age is 62)
- The value of the home
- Current interest rates
- FHA Lending Limit in your County
How can I receive money?
Proceeds from a Reverse Mortgage can be received in any combination of the following:
- Lump Sum
- Monthly Payments (your choice of loan advances for a specific period, or for as long as you live in your home)
- Line of Credit
- Any combination of the above
You will be required to attend a HUD (Department of Housing and Urban Development) counseling session during your Reverse Mortgage process.
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