• Borrowers need to be at least 62 years of age
• Own their home, and live in the home as their primary residence
• No income qualifications
• No credit qualifications or minimum credit score
• Existing 1st or 2nd mortgage balance is acceptable

The amount of money that a borrower acquires from the reverse mortgage depends upon the age of the borrowers, current interest rates, and the value of their home.

The older the borrower and the higher the amount of equity in the home will result in higher amounts of money that the owners are eligible to receive.

The proceeds of the Reverse Mortgage are paid "Tax Free"
These funds can be paid out in a variety of ways, depending on the requirements of the borrower. For instance, funds can be paid out in:
 
 

• A lump sum
• Monthly (tenure) payments
• Term payments - for a specific period of time
• Line Of Credit - with growth
• Modified tenure - A combination of monthly payments and Line Of Credit

Reverse Mortgage Borrowers may use the proceeds for any purpose!

• Pay off debt, including mortgage balances, credit cards, property taxes, insurance premiums
• Make home improvements, repairs, renovations
• Pay for medical expenses, prescriptions, or home health care
• Make additional investments
• Travel and vacations
• Help family members
• Buy a vacation home
• Any other financial need