To be eligible for a Reverse Mortgage:
- You need to be at least 62 years old.
- Home must be principal residence (Reverse Mortgages are not for investment properties or vacation homes).
- There are no health requirements; your health status is not a factor.
- You need equity in your home.
- You do not have to provide an income or credit history.
- Your home must be your primary residence.
- Your medical issues are not a consideration.
Reverse Mortgages require no repayment for as long as you, or any co-owner(s) of yours, live in the home!
They differ from other home loans in these important ways:
- You do not need income to qualify.
- You do not have to make monthly payments.
- There are no credit qualifications.
- You will receive monthly payments (as a lump sum, monthly payment, or line of credit).
Ready to start the process?
If you’re considering a Reverse Mortgage, feel free to contact us today to help you properly analyze the implications of choosing this type of loan.