Be at least 62 years of age or older
Live in your home as your primary residency and have sufficient equity in it.
Be able to pay off all liens/mortgages using the new reverse mortgage.
Attend a HUD Approved Counseling session.
Maintain your home according to FHA Requirements.
Continue to pay property taxes, homeowners insurance, and HOA now and going forward.
SECURITY - Government insured loan
HOME OWNERSHIP - You maintain the exclusive title to your home, just as you do now.
AVAILABILITY - Generally, reduced income and credit score requirements.
PREDICTABILITY - Repayment obligation is limited to the value of your home. You or your heirs will NEVER owe more than the home itself.
EQUITY GROWTH - You or your heirs receive any remaining equity once the loan is repaid.
You can receive your funds in the following ways:
Lump sum
Fixed monthly payments
Line of credit to draw upon as needed
Combination of these options
No out-of-pocket costs: Closing costs are deducted from the loan proceeds.
After paying off existing mortgages and liens, you are free to use the proceeds however you want.
Unused funds in a line of credit will continue to grow over time.
At the sale of the home, last borrower passes away, or last borrower permanently leaves the Home (12 consecutive months of non-residence)
There are protections for under age 62 spouses (Considered a non-borrowing Spouse)
In the event of foreclosure, which only happens if insurance and property taxes are not paid just like a regular mortgage._
**In order to do an estimate, I will need your address, date of birth, and gross monthly income. Once you have decided to make a full application, we can do that in person, over Zoom, whatever works best for you :) The above information helps me give you the most details regarding your situation for our initial consultation. I do not ask for social security numbers until I know you are ready to proceed with the application. Your email and phone number will not be disclosed and you can choose to opt out on your information being sold once your credit is pulled.
Looking for more financial flexibility in retirement? A reverse mortgage lets you tap into your home equity while staying in the place you love. Enjoy greater peace of mind and the freedom to use your funds however you need. Start exploring your options today!