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What is a Reverse Mortgage?

A Reverse Mortgage is just like any other type of mortgage. There is one exception, however: you don’t have to make a payment. See, a Reverse Mortgage serves as a loan for a senior-aged homeowner by using part of the home equity as collateral. What this means is that the loan normally does not require repayment until the last surviving homeowner permanently moves out of the property or passes away. At that point, any remaining equity will be inherited by the estate.

Who is eligible?

In order to be eligible for a Reverse Mortgage, the applicant must be 62 years or older, own the property, and occupy it as their primary residence. In addition, they must maintain the home with needed repairs, property taxes and insurance. Also, the property does need to meet certain FHA property standards. Finally, the applicant must participate in a reverse mortgage counseling session (this can be done over the phone or in-person.)

Features

Who is eligible?

In order to be eligible for a Reverse Mortgage, the applicant must be 62 years or older, own the property, and occupy it as their primary residence. In addition, they must maintain the home with needed repairs, property taxes and insurance. Also, the property does need to meet certain FHA property standards. Finally, the applicant must participate in a reverse mortgage counseling session (this can be done over the phone or in-person.)

What other loan types are available?

When it comes to loans, you have many more options than you think. Find out about some here:

Possibility starts here.
Find a loan officer near you to get started.

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