The Reverse Mortgage program enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a Reverse Mortgage program to purchase a home.
Borrower requirements:
Must be 62 years of age or older
Own the property outright or have a small mortgage balance
Occupy the property as your principal residence
Not be delinquent on any federal debt
Participate on a consumer information session given by an approved Reverse Mortgage counselor
Mortgage based on:
Age of youngest borrower
Current interest rate
Appraised value
Financial Requirements:
No income or credit qualifications are required of the borrower
No repayment as long as the property is your primary residence
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