A Reverse Mortgage or Home Equity Conversion Mortgage, is a SENIOR ONLY home loan
it allows approved borrowers to access the equity in their home disbursed in lump sum, line of credit or monthly payments, providing the option to live in their home without making monthly mortgage payments (as long as the loan conditions are met). Consequently, by complying with the loan conditions and retaining ownership of your home over time, additional funds may result if the property value rises, the positive equity becomes available to borrow against. If the value declines, you can never owe more than the value of the home.
Basic Qualifications Overview
Use our calculator to find out if you and your home meet the basic qualifications.
- You must be 62 years of age or older
- Own the property outright or have paid-down a sizeable amount
- Occupy the property as your principal residence
- Have the financial resources required to stay current on property charges such as property taxes, insurance and HOA fees, etc
- You must be counseled by an independent HUD approved Reverse Mortgage counselor.
Basic Loan conditions (other obligations may apply)
- Not be delinquent on any federal debt
- Borrower is required to stay current on property taxes, homeowners insurance, HOA fees, and maintain the property in accordance with the loan requirements
- Failure to meet any of the loan requirements may result in foresclosure, as with any loan
Use our form to see if you qualify and how much you can get if you do!