A reverse mortgage is a loan for seniors that allows them to convert their home equity into cash. The homeowner is not obligated to repay the loan for as long as the home is their principal residence.
Unfortunately, there is a lot of bad information about who actually qualifies for a reverse mortgage. They can be great options for unlocking money for care—even while one spouse stays in the home.
A reverse mortgage is a good fit for you if:
As with any loan, borrowers must satisfy certain eligibility requirements. Borrowers must be at least 62 years of age. All homeowners must sign the loan papers. And most importantly, owners must occupy the home as a principal residence.
The following property types are eligible for reverse mortgage loans, and must meet all FHA property standards and flood requirements:
The following individuals should avoid reverse mortgages:
If you think a reverse mortgage might be an option for you or your families, make sure you learn the details yourself. Any Senior Solutions executive director can refer you to a VA-licensed profession. Please, contact us with any questions you may have.