What is a Reverse Mortgage?
A reverse mortgage is a loan specially designed for senior homeowners. It allows the owners 60 and 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?

• Special age feature qualification is 60 or older on some jumbos and 62 or older on all others, including all FHA products.
• Eligible home types: single family detached, condo, town home, PUD, 1-4 rental unit, if one unit is owner occupied. Co-ops only in New York State.
• 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: you cannot owe more than your house is worth.