A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
NOTE: Cooperatives and most mobile homes are not eligible.
Reverse mortgages can be paid to you:
The amount you get usually depends on your age, your home’s value and location, and the cost of the loan. The greatest amounts typically go to the oldest owners living in the most expensive homes getting loans with the lowest costs.
Most people get the most money from the Home Equity Conversion Mortgage (HECM), a federally insured program.
The costs for loans from banks and mortgage companies usually include the following:
These costs are usually added to the loan balance (what you owe).
HECM loans are almost always the least expensive reverse mortgage you can get from a bank or mortgage company, and in many cases are significantly less costly than other reverse mortgages.
Reverse mortgages are most expensive in the early years of the loan and generally become less costly over time.
Before getting a reverse mortgage other than a government or HECM loan, carefully consider how much more it will cost you.
We would love to hear from you! Please use our contact form if you have any questions or comments!Learn more >>
Find out more about how your data is protected.Learn more >
Find out how much you could qualify to recieve today!Learn more >