Reverse Mortgage
- What Is a Reverse Mortgage?
- What's the Difference between a Reverse Mortgage and a Home Equity Loan?
- Who is Eligible for a Reverse Mortgage?
- How Much Can I Borrow?
- What Fees Are Associated with a Reverse Mortgage?
- Are There Different Types of Reverse Mortgages?
- How Do I Access the Money?
- When Is Repayment Due on a Reverse Mortgage?
- What Things Should I Consider?
- What Are the Tax Consequences of a Reverse Mortgage?
How Much Can I Borrow?
The amount of money you can borrow with a reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the amount of equity in your home, current interest rates charged by the lender, closing costs, and where you live. Generally, the more valuable the home, the older you are, and the lower the interest rate, the more you can borrow. In addition, lower closing costs will increase the payments you receive. Keep in mind that the amount a homeowner may receive is determined in part by the age of the youngest borrower. There are also loan limits, set annually by the FHA, which vary by geographic area.
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Investment and insurance products and services are offered through Osaic Institutions, INC. Member FINRA/SIPC. Eaton Financial Services is a trade name of the bank. Osaic and the bank are not affiliated. Products and services made available through Osaic are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
