What is a reverse mortgage?
A Reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home.
How can I use the money I receive from a reverse mortgage?
There is no restriction on how the proceeds from a reverse mortgage can be used.
How can I qualify for a reverse mortgage?
To qualify for a reverse mortgage a borrower must be at least 62 years old, own a home, and have sufficient equity in that home. A lender will also complete a financial assessment of the borrower.
Will my home qualify for a reverse mortgage?
Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and townhomes are eligible for a reverse mortgage.
How much money can I get from a reverse mortgage?
The amount will vary borrower to borrower and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on an existing mortgage.
25152 Windwood Lake
Forest, CA 92630
Address: 25152 Windwood Lane
City: Lake Forest State: CA
Sq ft: 2214