What is a Reverse Mortgage?
A reverse mortgage is a loan specially designed for senior homeowners. It allows the owners 62 or older to convert a portion of their home equity into cash freeing up resources to plan for, maintain, or enhance their retirement lifestyle.

How do you qualify for a reverse mortgage?

• Eligible home types: single family detached, condo, town home, PUD, 1-4 rental unit, if one unit is owner occupied.
• Any existing mortgage loans must be paid off. You can use your reverse mortgage proceeds to do so.

How safe are reverse mortgages?

• A number of protections make them extremely safe.
  • You receive mandatory government-sponsored counseling.
  • There are caps on interest rates.
  • Non-recourse loan.