Reverse Mortgages

Seniors tyipcally use Reverse Mortgages more than any other loan program / loan product available.

A Reverse Mortgage is a federally insured financial tool that allows qualified senior homeowners age 62+ to convert a portion of their home equity into a stable source of supplemental cash flow. It helps deliver the financial security you need to stay at home and live independently—without having to sell your house, give up the title, or make monthly mortgage payments. 

You also have the freedom to use the money you receive however you want—there are no limitations:

  • Supplement your retirement income
  • Pay off an existing mortgage and eliminate debt
  • Pay for medical care, prescription drugs and in-home care
  • Cover large or unexpected expenses
  • Make home improvements and repairs
  • Travel to visit family and friends or vacations
  • Contribute to your grandchildren’s college education
  • Live a more comfortable lifestyle


To Qualify:

  • You, and any other titleholder(s) of your home, must be aged 62 or over
  • You should have a good amount of equity built up in your home. Your Reverse Mortgage Expert can help you determine if you have enough to qualify
  • You can pay off your existing mortgage balance at closing with funds from the Reverse Mortgage or another source
  • Your home must be your principal residence
  • Your home must meet HUD's minimum property standards, but you can use your Reverse Mortgage to pay for repairs that may be required
  • Speaking with an approved Reverse Mortgage counselor is also required. The Department of Housing and Urban Development (HUD) supervises counseling agencies that can work with you in person, or more commonly, over the phone. A Reverse Mortgage Professional can provide you with a list of authorized counselors
  • Your home must be a single-family residence in a 1- to 4-unit dwelling, or a HUD-approved condominium; some manufactured housing is eligible, but cooperatives and many mobile homes are not. Your residence must also be located in an eligible state where Reverse Mortgage products are offered

You do not need income to qualify. You can even have bad credit, as long as there are no current government liens against your home.

If you want a lender that specializes in Reverse Mortgage loans, the Benjamin Gerritsen team is thereverse mortgage lender to go to.

Reverse Mortgage Calculator See how much you are eligible to receive

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