Eligibility Requirements to Purchase
- One borrower must be 62 years or older
- Purchased home is required to be your primary residence
- New property must be: single-family home, 2-4 unit dwelling or FHA approved condo
- Must receive reverse mortgage counseling from a HUD approved counseling agency
- You must have an adequate down payment for your new home or a gift from a family member
What if I live in Florida for half the year?
That’s fine, you just need to live in your primary residence for six months and a day.
Will your children receive more or less after you pass away, than they would without the reverse mortgage?
It depends on what you do with your overall finances. Some heirs may well receive more by the borrower being more efficient with the use of their entire portfolio of assets.
Note: This is not financial advice. Please consult your financial advisor for your specific situation.