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Reverse Mortgage

In February 1988, President Reagan signed into law the Community and Homeownership Development Act of 1987 which implemented the regulations that goven the FHA Insured Home Equity Conversion Mortgage, know today as the Reverse Mortgage. At the time it was established, it was intended to provide seniors with a safe method by which they could monetize the equity in their home, to help them remain in their home, and to supplement their financial needs during retirement. 

What does it take to qualify?  There are only 3 basic requirements to qualify for a reverse mortgage:

1.  All borrowers must by 62 years of age or older

2.  The home must be the primary residence

3.  The home must meet standard appraisal guidelines

For additional information on Reverse Mortgages, please call one of our loan officers, at      633-2695.

 

 

 
 

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