Any one who is 62 or older, is a U.S. resident, owns and occupies their own home, and has significant equity in their home, can get a reverse mortgage. There are no other requirements.
The amount of money you can realize from a reverse mortgage depends on the equity in your home (fair market value of your home based on a current appraisal less any existing mortgages or loans), your current age and the interest rate at the time a reverse mortgage is closed. The older you are … the more money you will receive. If you are 93, you will receive substantially more than a 63 year old, if both homes are of equal value.
Neither your marital status nor health effect whether or not you can receive a reverse mortgage. However, if you have a bankruptcy that has not been discharged or dismissed, we are unable to offer you a reverse mortgage. If you have current IRS liens, we will pay them off at closing with your equity.
Reverse Mortgage Of Texas takes great pride in being an equal opportunity lender. We do not discriminate based on race, ethnicity, country of origin, sex or religion.