A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. They are designed to meet the needs of seniors aged 62 years and older who have substantial equity in their home. To qualify for a reverse mortgage, seniors must own the home, have it be the primary residence, must continue to maintain required property insurance and taxes, and they must meet FHA minimum property standards.
Common Uses for a Reverse Mortgage:
Pay off existing mortgages.
Make personal savings last longer.
Pay off debt.
Preserve current investments.
Supplement current income.
Purchase another home.
Support expenses associated with aging.
For a limited time we will reimburse the cost of the appraisal at closing.