The most common reverse mortgage is a Home Equity Conversion Mortgage (HECM). HECMs are insured by the federal government through the Federal Housing Administration.
This income can be used for whatever purpose you need., such as:
Supplement Retirement Income
Repairs on your home
Daily living expenses
Health care
Purchase new items
There is no income requirements to apply. The money can be issued as a monthly income, lump sum, or a line of credit you can use.
Are you eligible?
If you are 62 or older, own enough equity in your home, then are eligible. There are no income or medical requirements.
For more information to see if a reverse mortgage is right for you, please contact me.