|
Online
Calculators
are a great tool for calculating your
APPROXIMATE benefits. The results of calculators
vary and should be confirmed by receiving a
good faith quote from a HUD FHA Approved Reverse
Mortgage Lender. |
|
Get the Facts. Since your home is
probably your largest single investment, you
should know more about all of your options to
decide if a Reverse Mortgage is right for you.
|
|
What is a Reverse
Mortgage?
A low-interest federally regulated loan that allow
homeowners to convert a portion of the value in
their home into cash. No repayment is
required until they no longer occupy home. |
Who Can
Qualify for a Reverse Mortgage? |
 |
All Borrowers MUST BE 62 years of age, or older |
 |
Seniors must occupy the home as principal residence |
 |
No credit, income or health requirements to qualify |
 |
Cash may be used for any purpose, no restrictions |
 |
Social Security &
Medicare benefits are not affected |
|
HUD's Federal Housing Administration (FHA) created Reverse Mortgages.. Reverse Mortgages are also known as HECM's, Home Equity Conversion Mortgages.
HECM
|
|
|
|