Mark Holland chats with John Harding, Reverse Mortgage specialist about how to access home equity through a reverse mortgage.
- FHA has a formula that takes into account: the appraised value, the interest rate of product and the age of the youngest borrower.
- The minimum age for reverse mortgage is 62.
- Qualifications: A financial assessment needs to be done to confirm the borrower will need to be able to meet the obligations of the loan.
- A Lifetime Expectancy Set Aside is available for those who don’t meet the financial assessment needs.
Find out if a reverse mortgage is right for you and your home!