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