REVERSE MORTGAGE AGENTS
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Reverse Mortgage AgentsWe feature licensed reverse mortgage agents and lenders that can help you determine the best option for your specific situtation.
About a Reverse MortgageA reverse mortgage is also commonly referred to as a home equity conversion mortgage (HECM) by many within the industry. In simple terms, a reverse mortgage allows a homeowner to borrow against the equity in their home and receive monthly payments or a line of credit.
The reverse mortgage is currently undergoing a number of proposed changes. Note, the current list of requirements below may change within the next year.
- Borrower must be 62 or older and occupty the property as a principal residence
- Must have enough built-in equity. The actual equity requirement will depend on each lender but generally, most lenders will require no higher than 60% loan-to-value ratio.
- Property taxes, insurance, HOA must be kept current
- Property must be kept in good condition
- Complete a reverse mortgage counseling session
- Property must be a single family home, 2-4 unit home with borrower living in one of the units, HUD approved condo, or a FHA approved manufactured home.