A reverse mortgage is a Home Equity Conversion Mortgage (HECM) which is a type of home equity loan for seniors age sixty two and older.
Reverse mortgages are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. It does not require monthly mortgage payments. The loan is repaid after the borrower moves out or dies.
To be eligible for a reverse mortgage:
- You must be 62 years of age or older
- Own your home outright or have a low mortgage balance.
- You must be able to pay ongoing charges including:
- Property taxes.
- Home owners insurance.
- Home Owners Association if applicable.
We can help you obtain a reverse mortgage. Call us today.