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Reverse Mortgages
Reverse Mortgages are a special type of mortgage designed for people who are 62 years and older and who own a home. The Reverse Mortgage lets the homeowner access the equity they have built in the home without having to repay the loan or make any payments for as long as you stay in your home.
Qualification for the Reverse Mortgage:
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All borrowers must be at least 62 years or older
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Must own the home. If there are any existing liens or delinquent federal debt will have to be paid off with the loan proceeds
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No income or credit qualifying requirements
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Must attend home counseling
A Reverse Mortgage has several flexible payment options:
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Tenure Option - Receive equal monthly payments for the rest of your life as long as you occupy the property as your primary residence
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Line of Credit - Draw cash from the reverse mortgage whenever you need it. Interest is only charged on the amount borrowed
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Fixed Term - Receive equal monthly payments for any fixed period of time
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Lump Sum - You can receive all the proceeds at close of escrow
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Modified payment option - You can take any combination of the above payment options
You can change your payment plan at anytime during the life of the loan