Reverse Mortgage FAQ

  • The reverse mortgage is a very safe, FHA insured loan that allows older homeowners aged 62 plus to borrow money without a monthly payment.  Below is a basic Reverse Mortgage FAQ along with a few resources that further explain the program.

    1. How old do you have to be to do a reverse mortgage?  The answer is age 62.  If you want to know the basics about a reverse mortgage, check out Reverse Mortgage Info.

    2. What is the reverse mortgage loan limit for 2020?  Here's the quick answer --> $765,600.  However, it works differently than a regular loan.  Check out this site to see how it works -->> Reverse Mortgage Limits 2020.

    3.  What if you owe more money than what you can get with an FHA insured reverse mortgage?  Well, luckily there are other options.  For a while, there was only one other option. Then, in 2018 there were a bunch more private or jumbo options that came out.  You can learn more about here --> What is a Jumbo Reverse Mortgage?

    4. Can you get a reverse mortgage on a manufactured home?  The simple answer is yes.  However, not every lender does it.  You may have to shop around.  You can learn more about it here --> Reverse Mortgage On A Manufactured Home.  If you happen to own a single wide manufactured home, you'll want to visit this post --> Reverse Mortgage On A Single Wide Manufactured Home.

    Really, a reverse mortgage is all about saving money in the here and now.  You may also want to check out these Money Management Tips for Seniors.

    A reverse mortgage is a simple, yet complex financial tool.  Make sure to educate yourself before jumping into it with all your might.  

    Shawn Vaillancourt

    Reverse Mortgage Info