If you are 62 years or older, have equity in your home, and are looking for a way to enhance your current or future retirement, the answer may be yes.
Additional requirements include that one occupy the property as their primary residence, pay all required property taxes, insurance and any required home owner association dues as well as maintain the property to HUD standards.
This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower(s) must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home.