§ keep ownership of the property
§ never have another mortgage payment
§ income is tax free (proceeds/funds you receive are tax free)
§ select how you want to receive your income (monthly, lump sum, both)
§ you can sell home at any time
§ you can leave home for heirs
§ you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)
In addition, the home itself must be of a type that qualifies for the reverse mortgage program. The vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. Your income and credit levels, however, do NOT matter.
To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. Click here for Reverse Mortgage Rates.
