Reverse mortgages have changed over the last decade. They used to be quite a costly option for homeowners, but in recent years the terms and costs have significantly decreased. This can be a great option for helping clients stay in their current homes and give them some cash flow.
The 2 main components of a reverse mortgage are good credit and equity. As well, most lenders will have an age requirement. In some cases they will allow borrowers to access up to 60% of the equity in their homes.
If you think a reverse mortgage might work for you, please reach out, I’m happy to answer any questions you may have