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Reverse Mortgage Questions

The following are reverse mortgage questions that seniors and family members have asked. Please also see Additional Q&A's

reverse mortgages

Frequently Asked Questions

• What is a Reverse Mortgage?
  
• Who is eligible?
  
• What type of property is eligible?
  
• What if I still owe on my mortgage or have a home equity?
  
• What are the qualifications?

What is a Reverse Mortgage?

A special type of loan that enables individuals aged 62 or older to convert some of their home’s equity into tax-free* cash, and no repayment is required until the home is no longer the principal residence

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Who is eligible?

Homeowner (s) who are at least 62 years of age and occupy the property as their principal residence

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What type of property is eligible?

Eligible properties include single-family homes, condominiums and townhomes, or a 2 to 4 unit dwelling

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What if I still owe on my mortgage or have a home equity?

If the remaining balance is small and with the HUD formula, (value times age times interest rate) there is enough equity that balance can be paid off with the Reverse Mortgage

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What are the qualifications?

Must be at least 62 years of age, own or have a small balance on the home, the home is principal residence, no income, employment or credit requirements are required.

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