Reverse Mortgages Georgetown Reverse Focus

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What is a reverse mortgage?

A reverse mortgage enables you to withdraw a portion of your home’s equity and use it any way that you like, without any requirement to make monthly payments on the funds you have drawn. You can stay in your home as long as you like, and it is when you are ready to sell your home or you have passed on, the loan is repaid. This loan is insured by the Federal Government, and you do not forfeit title to your home or lose any other rights as the owner. You or your heirs decide when or if the home is to be sold, and after repaying the loan balance, all remaining equity in the home belongs to you or your heirs. You will select the method for how you receive your funds. You can receive all your funds at closing, receive monthly installments, or use a line of credit to draw funds only as your needs dictate.

How do I qualify?

There are no minimum income or credit score requirements to qualify for a reverse mortgage. The four basic requirements to qualify are as follows:

  1. The youngest homeowner must be 62 years of age or older.
  2. The home must be your primary residence.
  3. The type of home and condition of the property must meet standard FHA guidelines.
  4. You must have the financial resources to keep your property taxes paid, your home insured, and, if applicable, HOA dues current.

Can I purchase a home with a Reverse Mortgage?

In July 2008, Congress introduced new regulations that authorized senior homebuyers to use an FHA-insured reverse mortgage to purchase a home. The Reverse Mortgage for Home Purchase program allows a senior homeowner to sell their current home, use some or all the proceeds from the sale as a down payment, and then use an FHA-insured reverse mortgage to finance the balance of the purchase price. And, as with any reverse mortgage, the homeowner will not be required to make a monthly mortgage payment.

This information was not produced by HUD or FHA and the information was not reviewed or approved by the Department or Government Agency.


Let's get started

Within a few minutes you will get personalized recommendation on your monthly payment and how much home you can afford.

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OR
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Talk to our experts

Fill out this short form and one of our Home Loan experts will contact you right away!
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