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Steve Haney, 
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Reverse Mortgages
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
Am I Eligible?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance
that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
How Much Do I Get?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
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Provident Lending Corporation's NMLS #: 229099
Steve Haney's NMLS #: 229020
Steve Haney's State License #: 100017813
Regulated by the Division of Real Estate
Disclosure: Examples and product descriptions on this site are not from the U.S. Department of Housing and Urban Development (HUD) or FHA and have not been approved by HUD or a government agency.
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