To Qualify For A Reverse Mortgage You Must:
- Be 62 years of age or older
- Own your own home
- Have equity in your home
- Live in your home as a primary residence
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7 Reverse Mortgage Benefits:
- You will have the choice to receive payments monthly, as a single lump sum cash-out, as a line of credit or a combination of these payment options.
- The payments you receive are tax-free
- You will never owe more than the value of your home
- You remain the owner of your home
- No loan repayments are required as long as your live in your home
- Reverse mortgage are regulated and insured by the Federal Government
- Protection from housing market declines with built-in insurance from the Federal Government. The total amount of debt repayable if the home is sold cannot exceed the loan amount.