Reverse Mortgage Program
A Reverse Mortgage is a financial product designed
for homeowners aged 62 and older, allowing them to
convert part of the equity in their home into cash
without having to sell the house, give up title, or take
on new monthly mortgage payments. This program is
especially beneficial for seniors looking to
supplement their retirement income, cover healthcare
expenses, or make home improvements. The loan
balance becomes due when the borrower sells the home,
moves out, or passes away.
Scenarios and Potential Applicants:
- Senior homeowners seeking additional funds to cover living expenses in retirement.
- Individuals needing to pay for healthcare or long-term care expenses.
- Homeowners wanting to finance home renovations without monthly repayments.
- Seniors aiming to stay in their homes but needing financial flexibility.
- Reverse mortgages don’t require monthly mortgage payments, unlike traditional mortgages.
Requirements:
- Homeowner(s) must be 62 years or older.
- The home must be the primary residence.
- The homeowner(s) must have significant equity in the home.
- Financial assessment to ensure the ability to pay ongoing property charges.
- Completion of a HUD-approved counseling session.
