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Reliable Source of Income
Tax Free
No Monthly Mortgage Repayments
Money can be used for any purpose
Monthly
Line of Credit
Lump Sum
Mix and Match
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- You must own your home and must be at least 62 years old.
- Your home generally must be your principal residence and you must live in it more than half a year.
- For the federally insured Home Equity Conversion Mortgage ( HECM ), your home must be a single-family property, a two to four unit building, or a federally approved condominium or planned unit development ( PUD ) For a Fannie Mae Home Keeper Mortgage, you must have a single family home or mobile homes or cooperative apartments.
- If you have any debt against your home, you must either pay it off before getting a reverse mortgage or, as most borrowers do, use an immediate cash advance from reverse mortgage to pay it off. If you don’t pay off the debt beforehand or don’t qualify for a large enough immediate cash advance to do so, you can’t get a reverse mortgage.
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