What Are The Requirements?
Each person on the title must be at least 62.
If there is already a loan on your home, part of the proceeds of the Reverse Mortgage must be used to pay off the existing loan.
The home must meet FHA standards for safety and physical condition, and have a termite clearance. (Repairs needed to meet these standards can be funded through the loan.)

How Much Money Can I Get?
The amount you can borrow is based on 3 factors:
Appraised value of your home — the higher the value, the higher the loan amount.
Age of the youngest spouse — the older the borrower, the higher the loan amount.
Current interest rates - the lower the rate, the higher the loan amount

How Do I Receive The Payments?
You can receive your payments in any of 4 ways:
Monthly payments for as long as you live in the house.
Monthly payments for a set number of years, such as 5, 10, 20 or anything you choose.
A lump sum up front, for all or part of the total amount.
A line of credit for the loan amount, to be drawn whenever you need the money, in full or in part.

Is This Safe For Seniors?
YES, it is safe; here’s why.
The program is administered and regulated by the FHA.
The FHA guarantees you will receive your payments, even if the original loan provider defaults.
The amount of the loan will never be more than the value of your house.
You can never be forced out of your home.
FHA regulations require that you hear all the facts directly from an independent loan counselor before your loan can even be approved.

What Happens After I Get The Loan?
There are 3 things you must do:
Maintain the property in good condition.
Maintain your homeowners insurance.
Pay the property taxes on time.
These are the things you would do anyway to protect your home.

How Does The Loan Get Paid Back?
No repayment is necessary until you no longer occupy your home, or sell the house.
No prepayment penalty for early payment.
Non-recourse loan — the balance due on the loan will never more than the value of your home.

Can I Use The Money For Anything I Want?
Yes, anything.
Travel
Pay medical and living expenses
Hire help around the house
Have money available for unexpected needs
Renovate your home

What If I Don’t Need The Money Now?
The loan can be treated as a line of credit, available for you to use:
Anytime you want.
Any amount you want.
Any purpose you want.

Why Is A Reverse Mortgage A Good Idea?
You’ve already paid for your house. Now your house can pay you!
Let’s you stay in your house as long as you want.
Loan proceeds are tax free.

Can I Get A Reverse Mortgage From Any Lender?
Reverse Mortgages are a specialized program for Seniors only. Providers must be approved by HUD and the FHA.