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A Reverse Mortgage is a special type of loan that allows a homeowner to access a portion of the equity in their home. No payment is required on a monthly basis.
Basic requirements (other terms and conditions apply):
You must be a senior citizen (age 62 or older).
You must own a one- to four-family home or a HUD-approved condominium.
You must have equity in your home.
The home must be your primary residence.
The only reverse mortgage that is insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM).
Reverse mortgages are only available through an FHA-approved lender.
Counseling by an approved agency, such as NHS Brooklyn, is required for all HECM loans.
To learn more about the FHA HECM program, visit the FHA website.
Seniors are the prime target of real estate scams. Don’t let it happen to you! Click here for advice from the Brooklyn Office of the District Attorney on how to avoid becoming a victim of real estate fraud.