A reverse mortgage is a way to turn the equity in your home into cash which is usually tax-free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. These loans can potentially help seniors gain financial independence from increasing living expenses.

 

*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

 

• One borrower must be 62 years or better

• Own your home and have equity

• Eliminate your monthly mortgage payment (taxes, insurance, HOA dues must be maintained)

• Home is required to be your primary residence (live in your home 6+ months per year)

• Property must be a single-family home, 2 to 4-unit dwelling or FHA-approved condo

• For a home purchase, you must have an adequate down payment for your new home based on your age*

• No credit score requirements, some income and credit qualifications apply to ensure you have the ability to pay taxes and insurance.

 

*Not available in all areas. Please contact your Fairway reverse mortgage planner for more details.