Frequently Asked Questions
How do you qualify for a reverse mortgage?
You have to be 62 or older and own a home. Unlike a conventional mortgage, there are no income or credit score requirements. Approval is based on the age of the homeowner(s), home value and interest rates. Use the calculator on this website to estimate your approval amount.
How does a reverse mortgage affect my taxes?
Reverse mortgage proceeds do affect property or income taxes.*
Would I ever lose my home with a reverse mortgage?
As long as you maintain the home as your primary residence and pay property taxes and insurance, you will never lose the home.
Are there any restrictions on a reverse mortgage?
Some homes are not eligible such as manufactured homes on rented land. Also, commercial properties are not allowed, but duplexes, triplexes and fourplexes are acceptable as long as you live in one of the units.
What's the process for getting a reverse mortgage?
You must go through a counseling session to be certain a reverse mortgage is right for you. We need a few photocopies of important documents from you and an application and the home must be appraised by an appraiser approved by FHA.
*consult a qualified tax advisor