Reverse Mortgage Agents

We feature licensed reverse mortgage agents and lenders that can help you determine the best option for your specific situtation.

About a Reverse Mortgage

A 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.