A reverse mortgage is a great way to use the equity in your home to supplement your income or meet other financial goals. If you are 62 or older, you may qualify for an FHA or Jumbo Reverse Mortgage. More and more seniors are taking advantage of this program because it can eliminate your monthly mortgage payment as well as help you tap into some of your unused equity to offset the increasing cost of living, do home projects, and help you accomplish some of the goals that you have for your retirement.
When on a fixed income, it can be challenging to have money left over at the end of the month once your bills get paid. By eliminating your monthly mortgage payment, the reverse mortgage can free up your income so you can allocate it elsewhere to improve the quality of your life and your retirement.
You maintain sole ownership of your property and your heirs may still inherit the property when the last borrower passes.
At FlexPoint, Inc, we have years of experience in providing Reverse Mortgage loans to individuals across the nation who are 62 years or older, own their home, and are looking to use their home as a financial resource to live the retirement they have always dreamed of. For more information, inquire today to see if you qualify for one of our reverse mortgage programs so you can begin living the retirement you deserve.
Advantages of a Reverse Loan
- You remain the owner of your home.
- You remain living in your home.
- No monthly mortgage payments.
- You are protected from housing market declines.
- Have more money towards your other living expenses.
- You can choose from several options of disbursement.
Personal Qualification Requirements:
- All borrowers on the home’s title must be 62 years or older to qualify.
- The older you are, the more funds you are eligible to receive.
- You must live in your home as a primary residence for the life of the reverse mortgage. Rental properties or vacation homes are not eligible.
- You must own your home outright or have at least 50% equity in your home.
- You must complete a counseling session with a HUD-approved counseling agency.
Property Qualification Requirements:
- Single-family home or 2-4 unit property with one unit occupied by you.
- Manufactured home (built after 1976) that meets HUD requirements.
- Condominiums that are FHA approved.