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Frequently Asked Questions Regarding Reverse Mortgages

  • 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.

At EquitiFirst Mortgage, our team of experienced mortgage professionals can help you understand the benefits and risks associated with a reverse mortgage and work with you to find the best option for your situation. Contact us today at 407-694-9803 to learn more.

Minimum credit scores and maximum loan limits apply. Not all applicants may qualify. Equal Housing Lender. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Program, rates, terms and conditions apply. All rights reserved.

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