1. REVERSE MORTGAGE
Get cash from some of your home equity.
Don’t have to pay monthly mortgage.
Homeowner from 62 years of age
Owner must live in the house
Owner is still responsible for paying taxes, insurance and property maintenance.
Must be a single family home or a 2-4 unit home with one unit occupied by the borrower
When you sell or you are not living in the house, the remaining equity can be transferred to spouse or heirs. No debt is transfer to your estate or heirs.
Amount of money owners can get from their home
Age of the youngest borrower or eligible non-borrowing spouse
Current interest rate; and
Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price.
Owners can receive payments in some following ways
Tenure- equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term- equal monthly payments for a fixed period of months selected.
Line of Credit- unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
Modified Tenure- combination of line of credit and scheduled monthly payments for as long as you remain in the home.
Modified Term- combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
Other requirements may apply, please call 714-653-0605 for details