Home A-Loan

The Lowdown on Reverse Mortgages

"¢ Borrower must be age 62 or older

"¢ No monthly payment is required

"¢ Must obtain co-op board approval in most cases

"¢ Proceeds can be used for any purpose

"¢ No financial reports, credit history or medical reports required

"¢ Loan can be disbursed in the form of a lump sum, line of credit or a monthly payment option

"¢ Loan must be paid back upon the death of the borrower, if the borrower moves out or sells the home

"¢ Loan amounts vary based on age of the borrower; interest rates and adjusted value of the property; and geographic location of the home.

"¢ Single borrowers and older applicants qualify for higher loan amounts

"¢ Remember that reverse mortgages are not for everyone

"¢ Certain mortgage restrictions are attached to government loans

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