
Often people have many questions about reverse mortgages, so we have tailored our web site to be able to provide you with the most current, and comprehensive, reverse mortgage information. Please look through the links, we feel they will be very informative.
Also, we can provide detailed information and figures specific to you, and your home. Simply fill in the following information, and we will be happy to provide the details needed to make an informed decision regarding a reverse mortgage.
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.