A REVERSE MORTGAGE can be used to access equity or even to purchase a home, however it may not be for everyone. You must be at least 62 years old, and just as with any other loan, it’s always prudent to review all options to determine what’s appropriate for your situation. Generally, there are no credit score requirements to qualify.
A Reverse Mortgage may give you the opportunity to live “on” as well as in your home without having the usual monthly loan payments. For many seniors, reverse mortgages make the difference between enjoying a comfortable retirement in their home and being dependent on others or barely getting by.
*This is a loan that must be repaid. Borrower(s) must be 62 years of age, are responsible for property taxes, homeowners insurance, maintenance of home, HOA dues and must be primary residence. Eligible non-borrowing spouse may be under 62. These materials are not from HUD or FHA and this document was not approved by the Department or Government Agency.