- What Is a Reverse Mortgage?
- What's the Difference between a Reverse Mortgage and a Home Equity Loan?
- Who is Eligible for a Reverse Mortgage?
- How Much Can I Borrow?
- What Fees Are Associated with a Reverse Mortgage?
- Are There Different Types of Reverse Mortgages?
- How Do I Access the Money?
- When Is Repayment Due on a Reverse Mortgage?
- What Things Should I Consider?
- What Are the Tax Consequences of a Reverse Mortgage?
To qualify, you must meet these general qualifications:
- You must be a homeowner who is at least age 62, and live in your home as a principal residence.
- Any co-borrower must also be at least age 62.
- You must have a relatively low remaining mortgage balance on your home.
- Applicants must agree to accept mortgage counseling from a federally approved counselor. The counselor must explain the loan's costs, financial implications, and alternatives.
What Types of Homes Are Eligible?
The home must be a one- to four-unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are eligible. Condominiums must be FHA-approved. It may be possible for individual condominiums units to qualify.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
| Not NCUA Insuredor Any Other Government Agency | No Credit Union Guarantee | Not Credit Union Deposits | May Lose Value |
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.
