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Reverse Mortgage

Who is Eligible for a Reverse Mortgage?

To qualify, you must meet these general qualifications:

  • You must be a homeowner who is at least age 62, and live in your home as a principal residence.
  • Any co-borrower must also be at least age 62.
  • You must have a relatively low remaining mortgage balance on your home.
  • Applicants must agree to accept mortgage counseling from a federally approved counselor. The counselor must explain the loan's costs, financial implications, and alternatives.

What Types of Homes Are Eligible?

The home must be a one- to four-unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are eligible. Condominiums must be FHA-approved. It may be possible for individual condominiums units to qualify.

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Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Ion Investments is a trade name of Ion Bank. Infinex and the bank are not affiliated. Products and services made available through Infinex 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.
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