Reverse Mortgage

Available to homeowners 62 years and older

A reverse mortgage is a home equity loan that allows you to access some of the equity in your home as either a lump sum, line of credit and/or monthly income.

The loan amount is based on:

Current interest rates (1YR CMT + Margin)
Age of the youngest borrower
Appraised home value (current FHA Lending Limit is $822,375)

Reverse mortgage Benefits

Government-insured by the FHA = predictability and security
NO minimum credit score
Fee Caps, Interest Rate Caps

Reverse Mortgage Requirements

Continue living in the home as a primary residence
Must continue to pay property taxes & homeowners insurance
Maintain upkeep on the property