- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a Reverse Mortgage Right for You?
A reverse mortgage might be right for you if you are 62 years old and above, you own your home and you’d like to turn some of the equity in your property into cash that you can use.
Reverse Mortgage Eligibility Requirements
- Be at least 62 years old
- Own your home outright or have a low mortgage balance
- Live in the property
- Ability to pay property taxes, insurance, etc.
Can my lender take away my home if I outlive the loan?
No. You do not need to repay the loan provided that you or one of the borrowers continues to live in the home. Property taxes and insurance also need to be current.
How much cash can I get?
There are different factors to consider including: the appraised home value, your age, current interest rate, or the FHA’s mortgage limits for your location. Typically, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow.
Will I still have an estate that I can leave to my heirs?
You or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees to the lender when you sell your home. If there is remaining equity in your home, then it belongs to you or to your heirs.
I shopped around a bit for a broker, and was referred to John by a coworker. He was by far the most personable, professional, and proactive broker that I interacted with. He promised me that he was doing everything he could to protect my family's money and get us into a house that we love, and he did. The bottom line is he got us our desired results, he offered great advice, and he earned my trust and confidence. I would recommend his services to anyone looking for a knowledgeable and passionate mortgage broker.
Have been working with John for a couple months now; he is very patient and understands our needs as first time home buyers. John has been amazing and answers all our questions, I think we have found our long time broker. He has the clients best interest in mind which is very refreshing. A++
John is great at what he does, especially for first time homebuyers. He is willing to go the extra mile for his clients and will explain exactly what he's doing along the way. I'm so glad we were able to work with him and I highly recommend him.
Beyond grateful to have been referred to John G. right after getting our offer accepted on a home. We would not have been able to do it without him. He secured us a great rate, which was a game changer in our decision to purchase. It was our first home purchase, and he helped us navigate every single thing, and was extremely responsive and available to chat when we needed him. The entire escrow process was smoother and quicker than we could have ever hoped for. He was a pleasure to work with, and we hope to continue to work with him in the future.