REVERSE MORTGAGE
Reverse mortgages are backed by the federal government and are FHA insured. Designed for seniors 62 and older who own and occupy their home, reverse mortgages allow eligible homeowners to access money built up as equity in their home. Benefits of a reverse mortgage include tax-free funds, no loan repayment, no income, no medical or credit requirements. The homeowner retains ownership for life, GUARANTEED.
Overview:
- Insured by the Federal Housing Administration (FHA)
- Must be 62 years of age or older
- Own property outright or paid-down a considerable amount
- Property must be occupied as principal residence
- Not be delinquent on any federal debt
- Single-family residence or 2–4-unit property with one unit occupied by borrower
- Manufactured homes and Condo units must meet FHA requirements
- Income, assets, monthly living expenses and credit history will be verified
- Borrowers must pay real estate taxes and homeowner's insurance annually
- No restrictions on how funds from reverse mortgage are used