What is a reverse mortgage?
A reverse mortgage is a loan available to seniors aged 62 or older under a Federal program administered by HUD. It enables you to access a portion of your equity.
You can draw the mortgage principal in a lump sum by receiving monthly payments over a specific term or over your lifetime as a revolving line of credit or some combination thereof.
Your obligation to repay the loan is deferred until you (or a survivor) pass away, the home is sold, you cease to live in the property, or you breach the provisions of the mortgage (such as failure to maintain the property in good repair, pay property taxes, keep the property insured against fire, etc.).
How much money will I get?
The amount of money you are eligible to receive depends on your age, where you live, the amount of equity you have in the home and the current interest rates.
Who really owns my home?
You do! The title remains with YOU. When your home is sold, repayment is required when the last surviving borrower sells the home, moves away, or passes away.
How do I get started?
Start with counseling. Get ALL of your questions answered in a one-on-one counseling session with a HUD-approved post-purchase counselor.
To qualify for a reverse mortgage you must:
- Be 62 years of age or older
- Own the property outright or have a small mortgage balance
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Participate in Reverse Mortgage Counseling
Questions? Click here get started.