How a Reverse Mortgage Works:
- Pays off current mortgage.
- No Mortgage payments required, pay just your taxes and home insurance.
- You still own your home.
- Interest accrues just like a standard mortgage.
- Accrued interest is added to your balance over time.
- Possible lump-sum cash out.
- Line of credit available
- Fixed and Adjustable rates
- Home transfers to heris upon death, just like a standard mortgage
- No minimum credit score or income qualification
Who Qualifies for a Reverse Mortgage?
- Age 62 +.
- Equity requirement based on age.
- Primary residence only.
Will I Lose My Home?
No, you maintain ownership in your home. Upon leaving the home you, or your heirs, will have the ability to payoff the remaining balance, just like a regular mortgage.