reverse MORTGAGE loans
features and details
REVERSE MORTGAGE LOANS
features and details
A reverse mortgage is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash, a line of credit, or to finance a home purchase with the freedom of no monthly mortgage payments. The borrowers continue to live and own their home.
Features and Details
- All titleholders must be 62 or older
- The home must be the borrowers’ primary residence and must meet Federal Housing Authority (FHA) minimum property standards
- Subject to home equity
- Available for new construction
- Owners retain full ownership of their home and can sell it at any time
- Proceeds available in a lump sum, monthly payments for a specified time period, a line or credit, or a combination of these
- Loan limits up to $726,525 for FHA-insured HECM loans
- No monthly repayment required
A reverse mortgage is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash, a line of credit, or to finance a home purchase with the freedom of no monthly mortgage payments. The borrowers continue to live and own their home.
Features and Details
- All titleholders must be 62 or older
- The home must be the borrowers’ primary residence and must meet Federal Housing Authority (FHA) minimum property standards
- Subject to home equity
- Available for new construction
- Owners retain full ownership of their home and can sell it at any time
- Proceeds available in a lump sum, monthly payments for a specified time period, a line or credit, or a combination of these
- Loan limits up to $726,525 for FHA-insured HECM loans
- No monthly repayment required