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How to qualify for a reverse mortgage. To qualify for a reverse mortgage, you must meet the following requirements: Age 62 or older. Outright ownership of your home or a low-balance mortgage
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Key takeaways If you’re a homeowner aged 62 or older, a reverse mortgage can help you obtain tax-free income, allowing you to stay in your home, pay bills, supplement your income and more.
The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), for borrowers ages 62 and older. Some reverse mortgage lenders offer other options for borrowers ages 55 and ...
A reverse mortgage — also called a home equity conversion mortgage — is a type of mortgage that’s available to homeowners who are at least 62 years old and either own their home outright or ...
A reverse mortgage is not free money — interest and fees will be added to your mortgage balance each month. That means the amount you owe on your mortgage will go up.
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