If you are above 62 years old, own your home outright, or have low mortgage on your home that can be easily paid by the proceeds of reverse mortgage, then you qualify for the Reverse Mortgage. Also, for a reverse mortgage, there are no salary or credit score requirement.
Q2. What homes are eligible?
Single family homes or 1-4 unit homes of which at least 1 unit is occupied by the borrower are eligible. Also HUD approved condominiums and manufactured homes that meet FHA requirements are also eligible.
Q3. When do I pay back the loan?
You don't need to pay back the loan as long as you are using the home as your permanent residence. The loan is paid back when the last borrower dies or the home is no longer the permanent residence.
Q4. Are my public benefits affected by the loan?
No, reverse mortgage does not affect your public benefits like medicare benefits or social security, but you should not save the funds you receive as it will be counted as liquid assets and you may lose your public benefits.
Q5. How do I receive money?
- Lump Sum
- Monthly payments
- Line of credit
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