Reverse Mortgage Qualifications
- To qualify for a reverse mortgage you must be at least 62 years of age and own your own home.
- You may still be eligible for a reverse mortgage if you owe money on a first or second mortgage. Many seniors get a reverse mortgage to pay off their existing debt, eliminating their current mortgage payment as well as other high interest bills.
- The size of the reverse mortgage you may qualify for depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates, and certain geographical perimeters set by the government. In general, the older you are, the more valuable your home and the more equity you have, the larger the reverse mortgage can be.
- You can choose how to receive the money from a reverse mortgage.
The options are:
- All at once (lump sum)
- Fixed monthly payments
(for up to life)
- Line of credit
- Combination of
the above
- Once we get to know you, and you select from your available
options, we can provide you with an accurate, detailed reverse
mortgage proposal.
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