A reverse mortgage allows you to make the most of the equity that you have acquired in your home. This federally-insured home loan was created specifically for senior homeowners and is often encouraged by their adult children. It allows homeowners 62 and over to turn a portion of their home’s equity into cash, receivable in a variety of ways. Unlike traditional mortgages, no repayment of the loan is required until the last borrower has permanently left the home.
There are only 6 guidelines in order to qualify for a reverse mortgage with Great Oak Lending Partners:
- You must be a homeowner 62 years or older
- You must use your home as a primary residence
- Your home has to meet minimum FHA property standards
- You must currently own your home, pay off existing mortgage or other liens against it before getting a reverse mortgage, or use an immediate cash advance from the reverse to pay them off
- You must receive independent third-party counseling
There are no credit or income requirements in order to qualify.
Reverse mortgages can help homeowners like you stay in your home, while still meeting financial obligations. Our local, trusted professionals are dedicated to helping you throughout the process. We encourage you to take time to gather all the facts and discuss your plans with family members and various advisors. We will provide you with a free, no-obligation analysis. |
