Reverse Mortgage Refinances
Reverse Mortgages is a FHA-insured loan. No minimum credit score is required. It allows seniors, 62 or older, to access the equity in the home and convert it to cash. No monthly payments are required from the borrower*. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. The borrower can receive monthly payments, set up a line of credit, partial cash in hand, or obtain a complete lump sum from the equity in their home. Reverse mortgages are for borrowers’ primary residence only. Single-family Homes, Double Wide Manufactured homes, and Multi-Family home qualify.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.