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Reverse Mortages
Are you eligible?
Criteria listed below:
Must be age 62 or older and occupy the property as principal residence
Home must be owned free and clear or only a small remaining balance exists. (The reverse mortgage may be used to pay off the balance on an existing loan.)
Property must be a single-family or up to a four-unit dwelling.
Townhomes and condominiums are eligible
How much can be borrowed?
The maximum amount borrowed depends on these factors:
Age of the youngest homeowner
Market value of the home
Current interest rate
Reverse Mortgage Payment Plan Options:
Term: provides fixed cash advances for a set period of time
Tenure: provides fixed cash advances for as long as the homeowners occupy the property as their principal residence.
Line of Credit: establishes a credit line which the borrower draws upon as he or she wishes.
Combination: a combination of the above choices.
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