Recent
New York
Sign in
Show promo
Show promo

The Lowdown on Reverse Mortgages Rules and Restrictions

By Cooperator Staff   2005 Feb Finance
The Lowdown on Reverse Mortgages
  • Borrower must be age 62 or older
  • No monthly payment is required
  • Must obtain co-op board approval in most cases
  • Proceeds can be used for any purpose
  • No financial reports, credit history or medical reports required
  • Loan can be disbursed in the form of a lump sum, line of credit or a monthly payment option
  • Loan must be paid back upon the death of the borrower, if the borrower moves out or sells the home
  • Loan amounts vary based on age of the borrower; interest rates and adjusted value of the property; and geographic location of the home.
  • Single borrowers and older applicants qualify for higher loan amounts
  • Remember that reverse mortgages are not for everyone
  • Certain mortgage restrictions are attached to government loans

Related Articles

Selling housing for money or barter. Calculate the mortgage cost. Reduce maintenance costs.

Study: 26.1% of NY Metro Homes Are Paid Off

Mortgage-Free Residents Not Necessarily Wealthier
Project cost estimation, calculate budget or resources to finish work, financial plan, invoice or tax, expense or loan concept, businesswoman with calculator estimate cost from project document.

Understanding Your Monthly Financial Information

The Key to a Financially Successful Association
Miniature house, Wooden blocks with the word TAX on stack of coins. The concept of payment tax for house, Property investment, House mortgage, Real estate.

Study: NYCers Pay Median $6,317 in Property Taxes Annually

Taxes Taking 'a Bigger Bite' Out of Homeowners’ Wallets
 

Leave a Comment