The reverse mortgage or home equity conversion mortgage (HECM) can be ideal if youâ€™re 62 or older â€“ and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses.
A reverse mortgage can be complicated and may not be best for you.
Contact us and weâ€™ll walk you through the details.
- MustÂ be 62 years of age or older.
- Must own your home outright,Â or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan.
- Must haveÂ the financial resources to pay ongoing property charges including taxes and insurance.
- Buyer must personally occupy the dwelling as primary residence
- Loan is based on the age of the youngest borrower or eligible non-borrowing spouse
- Loan amount is based on theÂ lesser of appraised value or the HECM FHA mortgage limit of $625,000.
DISCLAIMER: All loans are subject to credit approval and underwriting approval. This is not a commitment to lend.