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Learn How Reverse Mortgages Work & Much More

Find out how a reverse mortgage loan can be part of a comfortable retirement. For someone searching for information for the first time, the process can seem overwhelming. In our experience, you’ll find either very light, sales oriented writing or extremely complex work that requires a lot of previous knowledge. Even worse, the material you’ll find will often have a heavy slant, either overly positive or overly negative. Our goal is to provide you a reverse mortgage loan resource that’s in the sweet spot in between the extremes; a resource that’s extensively researched yet also written in accessible plain English, and one that doesn’t choose sides. We focus most of our attention on the Federa

Who is Eligible for a Reverse Mortgage?

You and your spouse need to have the required age(depends by State) and enough equity in order to be eligible for a reverse mortgage. One of the strengths of the HECM loan program is that there are not overly restrictive requirements, making these loans easier to qualify for than other financial products such as a mortgage refinance, home equity loan, or home equity line of credit (HELOC). You are eligible for a reverse mortgage if: You are 62 years of age or older You own your home and use it as your primary residence The house is single family, multi-family (up to 4), or an approved condominium or manufactured home You own your own home free and clear or only have a small amount left to pa

How Does The Reverse Mortgage Process Work?

Its a Simple Process that Can Be Carried Out in Approximately 30 Days When you own a home with a traditional mortgage, you gain equity over time as you pay down the loan. Home equity is the difference between what your home is worth, its appraised value, and any debt that you have from mortgages against the home. Let’s say, for example, that you own a home worth $300,000 in today’s real estate market, and you only owe $50,000 on the mortgage balance, having paid down the rest. You have valuable home equity worth $250,000, which we calculate by taking $300,000 and subtracting the $50,000 still owed. If you are like most Americans, the chances are high that this $250,000 worth of equity repres

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