A reverse mortgage is a great way to access your home's equity to supplement your income, establish a "rainy day fund" or meet a variety of other financial goals. And with its flexible repayment option, it offers homeowners greater control over their finances. As with any home-secured loan (or mortgage), you must meet your loan obligations, keep current with property taxes, insurance, maintenance, and any homeowners association fees. But how do you know if you are eligible for a reverse mortgage? Though, like many, you may be asking yourself, am I eligible for a reverse mortgage, is my property a reverse mortgage eligible property, or can I get a home equity loan with bad credit?
If you are interested in tapping into your home equity to get funds or an extra source of cash you can use today or to have a safety net for the future, the following requirements must be met:
The following are reverse mortgage-eligible properties:
If you have equity in your home and believe you meet the eligibility requirements, obtaining a reverse mortgage loan may be a smart option that could provide greater financial flexibility and security.
I just so happen to have a reverse mortgage. The best thing I ever did in my life.
You get to stay in the house and that's a really good thing. Especially since you still own the house.¹
It's a mortgage, or it's a line of credit, but with flexibility. I haven't heard yet any reason why I shouldn't pick this product.
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