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Reverse Mortgage Loan

For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments.

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Eligibility​:

  • Borrower(s) must be 62 years or older

  • Must be a homeowner and either own home out right or have significant equity

  • Must live in home as the primary residence (live there 6+ months per year)

  • The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo

  • Must meet minimal credit and property requirements

  • Must receive reverse mortgage counseling from a HUD approved counseling agency

  • Must not be delinquent on any federal debt

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Benefits:

  • No monthly mortgage payments except for taxes, insurance, and maintenance

  • Growing line of credit (applies to unused funds)

  • Increased discretionary cash flow

  • Can sell YOUR home at any time

  • Does not require payment until last living borrower permanently leaves the home

  • Bridge the medicare gap

  • Increase your purchasing power

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