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Eligibility & Safeguards for Reverse Mortgages
Eligibility Requirements for Reverse Mortgages:
- Homeowner is 62 years of age or older
- Home is a primary residence
- Any Government liens or loans have to be paid current; this can be done through the proceeds of the reverse mortgage loan
- The reverse mortgage loan amount needs to cover the balance of the current mortgages; if not, the homeowner has to come to the closing table with the difference
- Homeowner must provide a signed reverse mortgage counseling certificate
What are the Consumer Safeguards on Reverse Mortgages
Required by Law?
- Independent counseling to review the reverse mortgage, offer alternatives and answer questions
- Limits on interest rate, origination fee, and repayment amount
- Advance disclosure of all costs and fees
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