The reverse mortgage is a very safe, FHA insured loan that allows older homeowners aged 62 plus to borrow money without a monthly payment. Below is a basic Reverse Mortgage FAQ along with a few resources that further explain the program.
1. How old do you have to be to do a reverse mortgage? The answer is age 62. If you want to know the basics about a reverse mortgage, check out Reverse Mortgage Info.
2. What is the reverse mortgage loan limit for 2020? Here's the quick answer --> $765,600. However, it works differently than a regular loan. Check out this site to see how it works -->> Reverse Mortgage Limits 2020.
3. What if you owe more money than what you can get with an FHA insured reverse mortgage? Well, luckily there are other options. For a while, there was only one other option. Then, in 2018 there were a bunch more private or jumbo options that came out. You can learn more about here --> What is a Jumbo Reverse Mortgage?
4. Can you get a reverse mortgage on a manufactured home? The simple answer is yes. However, not every lender does it. You may have to shop around. You can learn more about it here --> Reverse Mortgage On A Manufactured Home. If you happen to own a single wide manufactured home, you'll want to visit this post --> Reverse Mortgage On A Single Wide Manufactured Home.
Really, a reverse mortgage is all about saving money in the here and now. You may also want to check out these Money Management Tips for Seniors.
A reverse mortgage is a simple, yet complex financial tool. Make sure to educate yourself before jumping into it with all your might.
Shawn Vaillancourt