Reverse Mortgage
- 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?
Who is Eligible for 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.
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.