Reverse Mortgage Alliance        (800) 852-7812
An Educational Resource Provided by your Community Reverse Mortgage Lenders
Eligibility

  • All homeowners must be age 62 or older and occupy the property as their principal residence

  • The 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)

  • The property must be a single-family or up to a four-unit dwelling

  • Condominiums and Townhomes are eligible

How much can be borrowed?

The maximum amount that can be borrowed is based on three factors:

  • The age of the youngest homeowner

  • The market value of the home

  • The current interest rate



Reverse Mortgage Payment Plan Options

There are different ways of receiving the loan proceeds. The homeowners choose an option that best fits their goals.

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 options.

By providing my mailing, electronic and/or telephone information, I authorize a Reverse Mortgage Alliance affiliate to contact me. For this transaction only, this authorization overrides any prior solicitation and preference I may have placed with a Reverse Mortgage Alliance affiliated Reverse Mortgage Lender and any other association and registration of any phone number on any federal, state or internal "do not call" list(s) owned by the mortgage brokers or lenders.
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