A Reverse Mortgage is for homebuyers or homeowners aged 62 or older. It may be able to help them with purchasing a primary residence or allow them to access the equity in their existing home. Common uses for the Reverse Mortgage equity loan is paying monthly bills, making home improvements, paying for healthcare, helping children or grandchildren, or as additional cash for unexpected expenses.
Contact a Reverse ProfessionalNo monthly mortgage payments are required
Flexibility on how you receive your funds
With the Jumbo option loan amounts can go as high as $4,000,000
Notably easier qualifying than many other home loans
A reverse mortgage program allows some seniors aged 62 or older to convert existing home equity into cash. Those that qualify can withdraw the funds, either as cash, a fixed monthly amount or a line of credit (or a combination of both).
The home mortgage must be for your primary residence and can be a single-family home, multi-family home, or a HUD-approved condo.
While there are no monthly mortgage payments, you must still pay property taxes, homeowners insurance, and any applicable Condo or HOA dues. You must also maintain the home according to FHA guidelines.
