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NewRetirement User
52 year old
According to the rules, the borrower’s home must be a single-family residence, HUD-approved condo project, manufactured house that meets FHA requirements, or a two-to-four-unit building where they occupy one unit. Other considerations are: The home is the borrower’s principal residence and the borrower owns their home outright or has a low enough mortgage balance that they can pay it off with the loan proceeds. More information can be found at Big Reverse Mortgage: https://bigreversemortgage.com
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.