A reverse mortgage is a loan that lets homeowners draw on home equity. The loan isn’t repaid until after the homeowner dies, moves out, or sells his house. Reverse mortgages can be used as part of an estate plan, to supplement retirement income, or simply as a way to tap into your home’s value while you are still living in it. Here is a general outline of some of the basic requirements for a reverse mortgage. Remember, don’t get overwhelmed and if you feel like you are not sure, please call us! We are happy to guide you with a simple no pressure conversation!

• You are 62 years of age or older
• You own your home and use it as your primary residence
• The house is single family, multi-family (up to 4 units) or an approved condominium or manufactured home
• Be a citizen/lawful resident
• Reverse mortgage Counseling
• You own your own home free and clear or have a small amount left to pay on the existing mortgage
• Meet income and credit requirements, although no credit score check is required