Learn How to Get a Reverse Mortgage

Want to know the facts about how to get a reverse mortgage? To see if you are eligible for a reverse mortgage fill out the form to the right and get a quote!

Generally, the youngest homeowner must be 62 years of age or older, your home must be your primary residence and you should have 50% equity in your home. The types of properties that are eligible for reverse mortgage loans follow:

• Single Family Homes
• 2-4 Unit Properties
• Condominiums (Condos)
• Townhouses

A reverse mortgage works by turning the equity you have built up in your home into tax free income. Choose to receive that income as a line of credit, lump sum or fixed monthly payment. You are actually not taking out another mortgage when you take a reverse mortgage, but the income stream is actually reversed, meaning you receive payment instead of make them. For that reason you should have more than 50% equity in your home to be eligible for one.

You are probably wondering, how do you pay a reverse mortgage back? It is actually not required to be paid back until you permanently leave your home or pass on. At that time you could use private funds or the monies can be attained by selling your home to pay it back. The government or lender will guarantee that you never owe more than your home is worth, or they will cover it. And, any remaining equity gets passed down to your heirs or estate. Therefore, knowing the facts about how to get a reverse mortgage may ease your mind so you can get a quote today!