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What Is a Reverse Mortgage Loan?
Unlike a traditional home equity loan, such as an FHA or refinance loan that you begin paying back soon after your loan closes, a reverse mortgage doesn’t have to be repaid until you leave your home or do not comply with all loan terms. You must continue to maintain your property, pay property taxes, and homeowners insurance. In addition to having no monthly mortgage payments, you will receive tax-free proceeds from your reverse mortgage loan, and you can designate how you want to receive them. Reverse mortgages were specifically designed to help those 62 and older supplement their retirement. The most widely available reverse mortgage loan is a Home Equity Conversion Mortgage (HECM). For higher-value homes that exceed the limit set by the FHA, borrowers may be better suited with a non-HECM loan, also known as a jumbo or proprietary reverse mortgage.
Quick Facts
More than 1 million homeowners 62 and over have used a HECM reverse mortgage to achieve a better retirement. (U.S. Dept. of Housing and Urban Development, HECM Endorsement Summary Report, 2020)
Home equity levels for homeowners aged 62 and older grew to $10.19 trillion in the third quarter of 2021
. (NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) Q1 2000 - Q3 2021) 9/10 More than 9/10 clients are satisfied with our service.
* *Based on client satisfaction surveys as of September 13, 2021
. 4 aag.com | (800) 608-6004 Your Guide to a Better Retirement
How Do You Qualify?
To be eligible for a reverse mortgage, you must at a minimum:
* Be 62 years or older (a non-borrowing spouse may be under age 62)
* Own and live in your home as your primary residence.