Is a Reverse Mortgage a Good Option for Me?
Reverse mortgages are a smart retirement option for those who qualify:
- Homeowner must be 62 or older
- Your house is your primary residence
- Not delinquent on any federal debt
- You must discuss the program with a HUD counsellor
A reverse mortgage allows seniors to access equity butilt up in their home. If the owners of your home are 62 or older, you may qualify.
Seniors only need to repay reverse mortgages when the last surviving borrower sells the home or permanently leaves the residence. Until then you live in your home and make no payments.
An average of 5,000 reverse mortgages are funded each month. Seniors report a high level of customer satisfaction with reverse mortgage loans.
No monthly loan payment is required provided borrowers meet loan's obligations — maintaining the home and keeping current with property taxes and homeowners insurance.
Customer satisfaction according to AARP Public Policy Institute, "The 2006 AARP National Survey of Reverse Mortgage Shoppers", 2006.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.