Reverse Mortgage Frequently Asked Questions
Here are some frequently asked questions about reverse mortgages, how to qualify, the advantages and the process!
Question: How old do I have to be to qualify?
Answer: In most cases 62 - this is the age the FHA requires the youngest person listed on the title.
Question: Do I have to live in the house to get a reverse mortgage?
Answer: Yes! You must live in it an it must be your primary residence
Question: Can I get a fixed rate?
Answer: Yes - you will need to choose either a fixed rate or adjustable
Question: What type of housing is eligible?
Answer: Single family home or 2-4 unit home with one unit occupied by the borrower, HUD-approved condominium project, manufactured home that meets FHA requirements (sorry no sailboats!)
Question: What is the most I can borrow?
Answer: The FHA limit is $765,600
Question: Do I have to own my house outright?
Answer: No, but you have to have a sizable amount paid off - it will vary based on which loan option you choose.
Question: Can I get a line of credit
Answer: Yes this is available with an adjustable rate reverse mortgage