A reverse mortgage is a loan that allows older homeowners to access the equity in their homes. Instead of making a mortgage payment to reduce your debt, you receive money and increase your debt. Reverse mortgages are an option for people who want to turn substantial home equity into cash.

You have to qualify and meet certain conditions to use these loans. They are designed for retirement-age people who have the desire and ability to spend down the equity in their homes over the long term.

To qualify for most reverse mortgage programs, you must:

• ♦ Be age 62 or older
• ♦ Have a single-family home or other approved property
• ♦ Own the property
• ♦ Live in the home as your primary residence
• ♦ Make the reverse mortgage your first mortgage
• ♦ Can pay off existing loans with proceeds from your reverse mortgage

You must also continue to qualify after the loan is made. You should check your reverse mortgage agreement for details, but generally you have to:

• ♦ Continuously use the home as your primary residence
• ♦ Keep current on taxes, insurance, maintenance, etc

If you would like to know more details of reverse mortgage (RM) or to avail a RM loan, please mail to admin@happysixtyplus.com