Reverse Mortgage for homeowners age 62+

Call
now!

877-271-1421

Reverse Mortgage for homeowners age 62+

Find out how much money you can get from a Reverse Mortgage

Call
now!

877-271-1421

 

 

What is a Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into tax-free1 cash, or to finance a home purchase with the freedom of no monthly mortgage payments. It is a useful financial tool designed to help people live more comfortably in retirement.

With a reverse mortgage:

  • The borrowers continue to live in and own their home, without monthly mortgage payments2
  • Unlike a traditional home equity loan or home equity line of credit, a reverse mortgage doesn’t have to be repaid until the last surviving borrower no longer lives in the home, or the home is sold2
  • Proceeds can be taken as a lump sum, line of credit, monthly advances, or a combination of these
  • Most reverse mortgages are government-insured Home Equity Conversion Mortgages (HECMs)
  • The homeowners remain responsible for keeping current with property taxes and hazard insurance, and maintaining the condition of the home

Do You Qualify? Eligibility Criteria

  • You and any other owners of the home (such as a spouse) must be at least 62 years of age
  • The home must be your principal residence
  • You must not be delinquent on any federal debt
  • You must discuss the program with an independent counselor who’s approved by the Department of Housing and Urban Development (HUD) and from a HUD-approved agency
 

To learn more about the benefits of a reverse mortgage from FAR—and how it may help you secure long-term financial independence— please contact us today. Call toll-free 877-271-1421

To learn more about the benefits of a reverse mortgage from FAR—and how it may help you secure long-term financial independence— please contact us today. Call toll-free 877-271-1421