Learn how reverse mortgages work, the types of reverse mortgages available, and eligibility requirements. Discover how our financial experts can guide you through the process with clarity and care.
Reverse Mortgage Products
Whatever your retirement goals,
Elevated Mortgage Concepts, LLC will work with you to find a solution to meet your needs.
Reverse Mortgage Eligibility
As a government-supported loan, reverse mortgages come with specific prerequisites that borrowers are required to satisfy. These conditions serve as essential criteria for eligibility.
1. The primary borrower needs to be a minimum of 62 years old.
2. You must either own your home fully or have significantly paid down the mortgage.
3. The property should serve as your principal residence.
4. Ongoing payment of property taxes, homeowners' insurance and association dues is mandatory.
Features & Safeguards
The reverse mortgage products have evolved over the years to better align with the needs of older adults, accompanied by the implementation of crucial safeguards to protect consumers when applying for a reverse mortgage loan.
- Completion of a reverse mortgage counseling session is required, conducted by a HUD-approved independent agency.
- A thorough financial assessment is mandatory to determine your capability to meet the financial responsibilities associated with the loan, including property tax and homeowners' insurance payments.
- If your spouse is under the age of 62, they may qualify as an eligible non-borrowing spouse, allowing them to stay in the home in case of your absence or passing, provided they continue to meet all loan obligations. Unlike a forward mortgage, the balance of the loan grows over time as interest and mortgage insurance premium are added to the loan balance montlhly.
Ready to create a real plan to accomplish your financial goals?
Call one of our mortgage specialists today and together we can determine if a reverse mortgage is the solution for your financial future