Source: CBS News —
Are you looking for ways to increase your cash flow in retirement?
If you own your home (or most of it), a reverse mortgage may be able to help. It can eliminate your existing mortgage payment and generate a regular source of income. However, there are a few factors that might deter you.
That’s why it’s beneficial to fully understand how reverse mortgages work. Experts are standing by to assist you and can help you get started with a reverse mortgage today.
Here’s a closer look at reverse mortgages, the pros and cons, and when one might be a good idea.
What is required for a reverse mortgage?
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs) backed by the Federal Housing Administration (FHA) and originated by FHA-approved lenders. To qualify, you’ll need to meet a few requirements, including:
- Age: You must be at least 62 years old.
- Ownership: Your name must be on the title of the home.
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