top of page
Reverse Mortgage Facts
Important facts every homeowner should know before exploring a reverse mortgage
A reverse mortgage can help you access your home equity while continuing to live in the home you love
1. Eligibility Requirements
You must meet all the following:
☑
☑
☑
Be at least 62 years old
Own your home
Live in the home as your primary residence
Pay properly taxes, insurance and maintain the home
☑
2. Age Requirements
You must be atleast 62 years old.
The younger you are,
the more home equity
you may be able to access
3. Homeownership Requirements
You must own your home outright or have a low mortgage balance that can be paid off with the loan proceeds
4. Types of Properties Eligible
Reverse mortgages are available on a variety of primary residences including:
☑
☑
☑
Single-family homes
2-4 unit owner-occupied homes
Approved condos
Certain manufactured homes
☑
5. How Funds Can Be Received
You can choose the payout option that best fits your needs
☑
☑
☑
Lump sum
Monthly payments
Line of credit
Combination of options
☑
6. Loan Repayment Basics
The loan becomes due and
payable when the last borrower:
☑
☑
The loan is repaid from the sale of the home
☑
Sells the home
Moves out permanently
Passes
7. Borrower Responsibilities
To keep your reverse mortgage in good standing you must:
☑
Live in the home as your primary residence
Pay property taxes
Maintain homeowners insurance
Keep the home in good condition
☑
☑
☑
You remain the owner of your home.
As long as you meet your responsibilities, you can continue living in your home for as long as you choose
bottom of page