A reverse mortgage is a unique loan that allow homeowner(s) 62 years of age and older to draw on the equity in their home, which is paid to the homeowner(s) in a variety of payout options. One aspect of this loan is that it does not require repayment until the homeowner(s) no longer reside in the residence, the last surviving borrower passes away or does not comply with the loan program obligations such as paying property taxes and insurance, and maintaining the property to FHA guidelines. Regulated by the U.S. Department of Housing and Urban Development (HUD), this federally-insured loan helps those in the senior population meet their financial needs and may ease money worries for greater peace of mind. 

To learn more about reverse mortgage, please click here.

Is my home eligible for a reverse mortgage?

Homes eligible for a reverse mortgage include single-family homes, detached homes, townhouses, and two-to-four unit properties that are owner-occupied. Condominiums must be FHA-approved.Some manufactured homes are eligible but must meet FHA guidelines. Contact your loan officer for more details on manufactured home eligibility.

Must my house be paid off for me to qualify for a reverse mortgage?*

No. You do not need to pay off your home to qualify. However, the loan proceeds you receive from a reverse mortgage must be used to pay off the existing mortgage or liens (if there is a mortgage balance owing). You will continue to hold title to your home.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance. Credit is subject to age and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.


A reverse mortgage allows you to draw on the equity in your home without having to sell it. A "reversal" of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments. The loan is repaid when you either sell your home, the last borrower passes away or no longer live there as their principle residence*. As a borrower you must continue to pay property related fees, taxes and insurance, and must maintain the home in good condition. You can use the cash payments as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It's all up to you.


The cash you can potentially receive is based on the age of the youngest borrower, the current expected interest rate, the mortgage option selected, amount of home equity and the appraised value of the home. For instance an older individual with a higher value home typically will be eligible for more than a younger person with the same home value at the same expected interest rate. How much money you can take in the first year is limited. Use Reverse Mortgage Calculator to see how much do you qualify for.

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