Popular Questions?
How Does a Reverse Mortgage Work?
A Reverse Mortgage works like this. First you need to qualify for a reverse mortgage loan, which means you must own a home, be at least 62 years old and have enough equity built up in your
home. The reverse mortgage loan works by making payments to you the borrower based upon the percentage of equity that you have built up in the home. The loan is repaid when you the borrower
sells the home, moves out of the home or dies. The items/considerations that impact the proceeds (net cash) in which you may be eligible for include your age, the value of your home, interest
rate and whether your home conforms with the Federal Housing Administration’s (FHA) mortgage limit of $679,650.
Do I still own my home?