What is a Reverse Mortgage? Securing a Reverse Mortgage is like getting an advance on a paycheck -- a bank is giving you access to your home equity to use in any way you choose. You retain home ownership and there are no loan payments. However, the monies must be repaid when you no longer reside in the home.
How are Reverse Mortgage Loan Amounts Calculated? Your loan amount is calculated by using your age, your home value and any outstanding mortgage balance.
Am I Eligible for a Reverse Mortgage? At least one titleholder must be 62 years or older and reside in a qualified home. You must also have sufficient equity.
NewRetirement prescreens Reverse Mortgage lenders and will refer you to lenders who are licensed by the Department of Housing and Urban Affairs (HUD) and who adhere to the National Reverse Mortgage Lenders Association (NRMLA) standards. These experts will contact you to answer questions and provide guidance.
This is a FREE service and you have no obligation to work with these.