Here are some facts that can get you started, written in an easy way to digest.
1. Manufactured Homes are OK.
Reverse mortgages allow for maunfactured homes as long as they meet a few requirements.
2. This program is for seniors 62 and over.
Start preparing now for your retirement. If you are close to 62 years old, see what programs are available for you.
3. Eligible homes must be your primary residence.
As long as you occupy the home at least 6 months every year, it is considered your primary residence. Outside of that you can own as many homes as you wish.
4. There are no credit requirements. Bad credit is not a problem.
If there are collections and / or judgements they may need to be paid with the proceeds of the loan. But it will not keep you from getting a reverse mortgage.
5. There are no income requirements. You can qualify regardless of income.
Unlike conventional loans, your income does not determine if you qualify. The idea is that you can use the reverse mortgage to increase your income.
6. Reverse Mortgages do NOT affect Social Security.
The money you receive from your reverse mortgage is not taxable since it is not income. It is a loan an therefore will not have any impact on your Social Security benefits.
7. Reverse Mortgages do NOT affect Medicare.
As mentioned above, the money you receive is not income, so it doesn't affect Medicare.
8. There is a great FIXED RATE available!
You asked for it and we got it. Now you can have a fixed for life interest rate. You might want to see the article on is a fixed rate right for you?
Want to dig deeper? Continue the lessons with the link on the bottom to more in depth reverse mortgage information. Redwood Financial Services is committed to providing excellent service and looks forward to assisting you. If, after reading this, you don't think it is a fit for you, see Redwood Financial Services for the other loans and interest rates available.