What are the qualifications of a reverse mortgage?
To qualify, you must be 62 years or older, own your home, and occupy it as your primary residence.
When do I pay the loan back?
Payment is due when the borrower sells the home, passes away, or does not pay taxes and insurance.
What if the loan amount exceeds the value of my home? Am I responsible to pay back all of it?
No. Because they're non-recourse loans, backed by federal insurance, the lender can never collect more than the loan's value.
What can I use reverse mortgage funds for?
It's your choice! Many people choose to: pay off debt, make home improvements, or increase montly cash flow.