- 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?
How Much Can I Borrow?
The amount of money you can borrow with a reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the amount of equity in your home, current interest rates charged by the lender, closing costs, and where you live. Generally, the more valuable the home, the older you are, and the lower the interest rate, the more you can borrow. In addition, lower closing costs will increase the payments you receive. Keep in mind that the amount a homeowner may receive is determined in part by the age of the youngest borrower. There are also loan limits, set annually by the FHA, which vary by geographic area.
*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.