Reverse Mortgage qualifications
All borrowers must be 62 years or age or better.
All borrowers must receive mandatory Reverse Mortgage counseling.
The home must be the borrowers principal residence.
Reverse Mortgage facts
AARP reports that 89% of seniors want to live out their lives in a home they own.
According to the center for housing policy, housing is the largest expenditure in the typical budget of a 65+ household.
The 55+ age group controls more than three-fourths of America’s wealth.
HECM for purchase
HECM (Home Equity Conversion Mortgage) was created by the Housing and Economic Recovery Act of 2008.