Green Reverse Mortgage

Get more info on reverse mortgages and learn how they can help with your daily living expenses while keeping you in your home. Reverse mortgages should only be used as a last resort. These mortgages are different than traditional forward home loans as they do not have income requirements and instead of paying the bank, the bank pays you a monthly amount. Note that it is not free money, you owe the money when you decide to move out or when both of the borrowers pass away.

Reverse Mortgage HECM Requirements

• At least one borrower must be 62 or older
• FHA approved property (most single-family, 2-4 units and some condos)
• Attend an educational reverse mortgage counseling session
• Equity in the property