What is a Reverse Mortgage?
A reverse mortgage is a loan against the equity in your home that you do not have to pay back as long as you live there. It enables you to turn the value of your home into cash without having to move or make loan payments.
Who is eligible?
If you are 62 years of age or older and you have equity in your home, you may be eligible for a reverse mortgage.
In order to be considered for this type of mortgage, the U.S. government requires that you participate in a reverse mortgage counseling session and that you received a counseling certificate from a HUD approved non-profit agency like Navicore.