A reverse mortgage is a home loan that lets homeowners that are at least 62 years of age convert their home equity into cash payments. These cash payments can be used for daily living costs, medical expenses, home improvements, education, long-term care, or even to purchase another home.
At Choice Mortgage, our team can help you understand if you qualify for a reverse mortgage:
- All borrowers must be 62 years or older (non-borrowing spouses can be any age but it limits the funds since they are based on the younger spouse’s age)
- Single family homes, 2-4 family units attached or detached, townhouse and (some) condos are eligible
- NO CREDIT and NO INCOME qualifications (Financial Assessment requires sufficient income and the borrower must show a good payment history on RE Taxes, insurance and HOA)