Retire Comfortably in Your Home

Reverse Mortgages and What You Should Know About Them

Borrower Requirements

  • Be 62 years of age or older.
  • Own the property outright or paid-down a considerable amount.
  • Occupy the property as your principal residence.
  • Not be delinquent on any federal debt.
  • Have financial  resources to continue to make a timely payment of ongoing property charges such as property taxes, insurance, and Homeowner Association fees, etc.
  • Participate in a consumer information session given by HUD-approved HECM counselor.

Financial Requirements

  • Income, assets, monthly living expenses , and credit history will be verified.
  • Timely payments of real estate taxes, hazard and flood insurance premiums will be verified.

Benefits
  • Stay in your home and retain the title.
  • Pay no monthly mortgage payments.
  • Loan proceeds are tax-free.
  • Enjoy Independence and flexibility, peace of mind and gaining financial freedom!
This information is provided by Finance of America Mortgage. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency. *Consult a tax advisor. Information subject to change without notice. This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. 
It is important to make in informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions. Must be 62 years old. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult a local program office of your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation.