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Reverse MortgageMany seniors are finding out that due to low bank savings interest rates that they are not able to live off interest income like they used to be able to do 5 years ago. As a result, many have had to sell their home or move in with their children. Another option that seniors should consider is a reverse mortgage. A reverse mortgage allows seniors to stay in their home AND receive monthly payments or a lump sum payment to help with their financial management in their daily life. There are a few requirements for seniors looking for a reverse mortgage, also referred to as a HECM.
- 62 years old or older
- own home outright or have a low mortgage
- reside in the home
- go through a consumer education course on reverse mortgages
- home must be a single family or a 2-4 unit with one unit occupied by the owner