HOW DO I APPLY?
WHAT ARE THE REQUIREMENTS?
One homeowner must be at least 62 years of age.
You must reside in the home as your primary residence.
Your home must be either a single-family home, two to four-unit owner-occupied home, townhouse, approved condominium unit, or certain manufactured homes.
You must attend an educational HUD-approved counseling session by phone or in person.
You must continue to pay property taxes and homeowners insurance.
You must keep the property in good condition.
IS A REVERSE MORTGAGE RIGHT FOR YOU?
Reverse Mortgage loans are not right for everyone. If you are looking for a short-term loan you may be better suited for a different type of financing. A reverse mortgage loan can sometimes require closing costs, making it impractical for a short-term solution. However, for those who wish to remain in their homes and need extra income or cash to do so, the Home Equity Conversion Mortgage may be exactly what you are looking for.
And the great thing is, if you or an older adult you know is considering a reverse mortgage, you must receive counseling from a government-approved agency prior to application to make sure you are fully informed of the details.
Reverse mortgage counselors are HUD-approved professionals who can explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks, as well as making you aware of all options available to you. After completing the mortgage counseling session, you will receive a certificate that lenders require as part of the loan application. The goal is for you to understand your options so you can make an informed decision on whether a reverse mortgage is right for you.
Reverse mortgage counseling can be completed over the phone or in person.