What types of homes are eligible?
Your home must be a single family home or a 1-4 unit home with one unit occupied by
Can I qualify for a reverse mortgage?
To be eligible for a reverse mortgage you must be a homeowner 62 years of age or
older, own your home outright, or have a low mortgage balance that can be paid
off at closing with proceeds from the reverse loan, and you must live in the
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.
How much money can I get from my home?
The amount you can borrow depends on:
- Age of the youngest borrower
- Current interest rate
- Lesser of the appraised value of your home or the sales price
- The initial Mortgage Insurance Premium (MIP) option you choose
How do I receive my payments?
You have five options:
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.