WHO IS ELIGIBLE?
To qualify for a Reverse Mortgage, homeowners must be 62 or older, primary residents of the property and have no more than four people on the title. 1-4 family units also qualify with FHA, and condos if approved.
WHAT IS THE COST?
The only upfront cost associated with a Reverse Mortgage is a $350 appraisal fee (estimate), and a counseling fee of $125 required by HUD. These costs are paid directly to the appraiser/counselor. All other costs are paid from the loan proceeds. |
HOW SAFE ARE THEY?
Your money from a Reverse Mortgage is guaranteed by FHA. You are also guaranteed to be able to stay in your home for as long as you like. You and your heirs will be protected against any negative equity.
WHAT ARE THE BENFITS?
YOU get to choose how you receive your funds - either lump sum payment or installments. Your money is federally insured by FHA and you maintain ownership of your home. |
