What is a reverse mortgage?
The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
What are the requirements for a reverse mortgage?
Your age (or the age of the youngest borrower, in the case of co-borrowers)
Your appraised home value
Amount of equity in the home
Can I get a reverse mortgage if I have an existing mortgage?
Yes, but the payments first go to pay off the mortgage.
Do I still own my home if I have a reverse mortgage?
Simply put, Yes.
What are the restrictions for the use of proceeds from a reverse mortgage?
There are no restrictions on how you can use the cash from the reverse mortgage.