A Reverse Mortgage allows seniors who have built equity in their homes to use the equity without having to make any repayment until the house is sold or they no longer live in it.
Who is Eligible?
To be eligible for a reverse mortgage, all owners listed on the home’s title must be at least 62 years old. All owners must occupy the home as their principal residence for the majority of the year. The property must be a single-family or a two- to four-unit dwelling.
What Terms are Available?
No repayment is necessary as long as you continue to live in the house, keep the taxes and insurance current.
If you sell the home for more than the loan balance at that time, you or your heirs will keep the difference.
How Much Can I Borrow?
The amount you receive is based on your age, the value of your home, the location of your home and the current interest rate.
Back to Mortgage Center
