Reverse Mortgage Loans
- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a Reverse Mortgage Loan Right for Me?
A reverse mortgage loan might be right for you if you’re a senior who owns your home and wants to convert some of the equity in your property into cash that you can use.
Reverse Mortgage Loan Eligibility Requirements
- Be at least 62 years old
- Own your home outright or have a low mortgage balance
- Live in the property in question
- Be able to pay property taxes, insurance, etc.
Can the lender take my home away if I outlive the loan?
No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the home and keeps the taxes and insurance current.
How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow.
Will I still have an estate that I can leave to my heirs?
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.
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