Is a Reverse Mortgage right for me?
Are you looking to add some extra income to your life? Do you have a lot of equity in your home? A reverse mortgage can help you get money out of your home that you can enjoy today. Depending on your circumstances, a reverse mortgage may be a great choice giving you supplemental income for the rest of your life. To determine how much you may be eligible for use our reverse mortgage calculator.
Am I eligible?
Most people get a type of reverse mortgage that’s called a Home Equity Conversion Mortgage (HECM), and is backed by the US government. You have to meet some specific criteria in order to qualify for this type of mortgage. It’s pretty simple, really.
"A reverse mortgage is no longer just for the cash poor and house rich. Instead, reverse mortgages can be used strategically as part of a retirement income plan…"
- At least one borrower must be 62 or older
- Own your home or have significant equity
- Home must be your primary residence
- Participate in an information counseling session with HUD
- Home must be well-maintained
- All property taxes and insurance must be paid
As of 2012, there were 563,7000 Reverse Mortgage Loans in the US. Based on current data, this number is expected to nearly double to 966,000 by 2030.
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This graph illustrates how much you could get for a reverse mortgage based on your age and property values.
Latest numbers as of 07/29/2015
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