If you are 62 years old and own your home, you may qualify for a reverse mortgage. A reverse mortgage is a great way to supply your family with the comfort of extra income. A reverse mortgage takes equity from your current home and gives you payments of cash to use for other expenses. Understanding the criteria for reverse mortgages will help you find out if it is right for you.
- â— You are at least 62 years old
- â— You currently reside in your home
- â— You are not delinquent of any federal debt
- â— Must be approved by a counselor from a US Department of Housing and Urban Development (HUD) approved agency
Be sure to thoroughly research reverse mortgages and your current finances to ensure that a reverse mortgage is right for you.
Reverse Mortgage Facts
- â— An average of 5,000 reverse mortgages are funded every month.
- â— More than 80,000 reverse mortgages have been issued since 1990*.
- â— 95% customer satisfaction rate**
- â— 80% of borrowers would recommend a reverse mortgage to friends and family***
*Reverse Market Insight as of January 31, 2013
**AARP Public Policy Institute, “The 2006 AARP National Survey of Reverse Mortgage Shoppers,” 2006.
***Marttila Strategies, Survey for the National Reverse Mortgage Lenders Association, October 2011.