What is a Reverse Mortgage?
Securing a Reverse Mortgage is like getting an advance on a paycheck
-- a bank is giving you access to your home equity to use in any way
you choose. You retain home ownership and there are no loan payments.
However, the monies must be repaid when you no longer reside in the home.
How are Reverse Mortgage Loan Amounts Calculated?
Your loan amount is calculated by using your age,
your home value and any outstanding mortgage balance.
Am I Eligible for a Reverse Mortgage?
All titleholders must be 62 years or older
and reside in a qualified home. You must
also have sufficient equity.