How to Qualify
How To Qualify
A Reverse Mortgage enables homeowners 62 and older to convert part of the equity in their homes into cash without having to sell the home, give up title, or take on a new monthly mortgage payment. The homeowner continues to pay insurance and taxes while they live in and maintain the home.
Reverse Mortgage proceeds can be used for virtually anything:
- Supplement your retirement cashflow
- Help fund healthcare costs
- Retire existing debt, even an existing mortgage
- Pay for home repairs or modifications
- Help prevent foreclosure
- Cover property taxes
- Even secure a cash reverse for emergencies
Your home must be your primary residence. Eligible property types include:
- Single family homes
- 1-4 unit properties
- Some manufactured homes
- Condominiums and townhouses