If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may want to consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Facts about Reverse Mortgages
- Property must be a single-family home, 2 to 4 unit dwelling or an FHA-approved condo
- Must meet minimal credit and property requirements
- There are fees: Reverse mortgage lenders generally charge an origination fee and other closing costs, as well as servicing fees over the life of the mortgage. Some lenders may also charge mortgage insurance premiums (for federally-insured HECMs).
Have more questions on reverse mortgages? Contact us today!