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
