- What Is a Reverse Mortgage?
- What's the Difference between a Reverse Mortgage and a Home Equity Loan?
- Who is Eligible for a Reverse Mortgage?
- How Much Can I Borrow?
- What Fees Are Associated with a Reverse Mortgage?
- Are There Different Types of Reverse Mortgages?
- How Do I Access the Money?
- When Is Repayment Due on a Reverse Mortgage?
- What Things Should I Consider?
- What Are the Tax Consequences of a Reverse Mortgage?
To qualify, you must meet these general qualifications:
- You must be a homeowner who is at least age 62, and live in your home as a principal residence.
- Any co-borrower must also be at least age 62.
- You must have a relatively low remaining mortgage balance on your home.
- Applicants must agree to accept mortgage counseling from a federally approved counselor. The counselor must explain the loan's costs, financial implications, and alternatives.
What Types of Homes Are Eligible?
The home must be a one- to four-unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are eligible. Condominiums must be FHA-approved. It may be possible for individual condominiums units to qualify.