A HECM Reverse Mortgage is a loan against your home that does not have to be repaid as long as you live there. Using a "Reverse" mortgage, you can turn the value of your home into cash without having to move or repay a loan each month.
To qualify for a "Reverse" Mortgage you do not need income or assets. You do however need equity in your home. The money you receive is based on the age of the youngest co-owner. All owner's must be at least 62 years of age. The older a borrower, the more money available.
The homeowner is still responsible for homeowner's insurance and taxes unless exempt.
If you have questions about a "Reverse" Mortgage please contact Valerie Springer, Sr. Residential Loan Officer NMLS 198479, Network Funding LP NMLS 2297, 205-995-7283 x 305