NO MINIMUM INCOME REVERSE MORTGAGES
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| You don't need a minimum income to qualify. You could have
no income or even still owe money on a conventional
mortgage. In fact, some seniors get reverse mortgages to pay
off a first mortgage. |
The only eligibility requirements are that you are at least
62 years of age and treat your home as a principal
residence. (If you own your property jointly, the other
owner must sign on to the loan, too.)
The amount of cash you can receive from a reverse mortgage
generally depends on:
-the specific reverse mortgage plan or program you select
-your age
-your home's appraised value
-interest rates and closing costs on local home loans
-other costs of the loan
You can take receipt of the loan in whatever fashion you
choose, including a one-time lump sum, a line of credit,
fixed monthly payments for a predetermined period of time,
or a combination of the above.
Reverse mortgages are offered by banks, mortgage companies,
savings associations and state and local governments. The
funds from private-sector loans can be used for any purpose.
Government loan programs generally limit spending options to
specific purposes, such as home repairs or property taxes.
Many public-sector loan programs are only available to
homeowners with low or moderate incomes.
Private reverse mortgages are subject to a variety of costs.
They may include:
- an application fee
- an origination fee
- closing costs
- insurance
- a monthly servicing fee
Get started on a
reverse mortgage today.
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