What is a reverse mortgage?

Do I even qualify for this program?

At least one borrower must be 62 years of age or older.
You must own and live in the property as primary residence (it’s ok to have a mortgage balance).
Have sufficient equity available (current value of your home subtract any debt/mortgages this is your equity).
Never have defaulted on government backed loans/debt.
Can afford to pay for home’s taxes/insurance and maintenance.

Great. I Qualify but is this the right option for me?

Reverse mortgages are not a fit all solution, they are great for seniors who need to:

pay off an existing mortgage loan
to supplement your retirement income
to pay for medical costs
for home repairs or improvements
The proceeds from a reverse mortgage can be used for almost anything they are never restricted.

If you are not sure if you will qualify or would like to ask additional questions first, don’t hesitate to reach out and call 801-277-5100.

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