You've spent half your life or more taking care of others. Now you're ready to put your own financial needs first.
A reverse mortgage involves fewer restrictions than you may think.
Borrowers only need to be at least 62-years-old for an FHA-insured loan and 55-years-old for a Jumbo loan
Borrowers must have at least 50 percent equity in their home, but there is no minimum limit on your home’s appraised value or how much equity you can tap into; however, as of January 1, 2022, the MCA (maximum claim amount) for HECMs is $970,800
The borrower(s) must live in the residence
A spouse can be listed on the loan as an NBS (non-borrowing spouse); however, only actual borrowers may withdraw funds*
Two borrowers do not have to be married
Borrowers are responsible for property taxes, homeowners insurance, and all other property fees
Some reverse mortgage programs enable you to incorporate property taxes, homeowners insurance, and other property fees into the loan
With an FHA-insured loan, your principal loan limit is calculated based on either your home's appraised value or $822,375—whichever is lowest
With a Jumbo loan, you can draw up to $4 million in equity, depending on your home's appraised value
Reverse mortgage counseling is required to ensure you receive unbiased information about reverse mortgage loans and can be done face-to-face or over the phone
Similar to when applying for a traditional loan, a reverse mortgage financial assessment is also required (review of your credit history, source(s) of income, employment history, debts, etc.)