Very first Opposite Mortgage Certificates

• Your (or perhaps you to borrower) have to be 62 or older. Into the Colorado, both spouses have to be no less than 62.
• Your property need to be one-family home, 2- in order to good cuatro-product dwelling otherwise FHA-accepted condo
• You need to see limited borrowing from the bank standards
• You must receive reverse mortgage guidance from an effective HUD-recognized guidance company
• You should not become unpaid on any government personal debt
• You really must be a resident and you can often house outright otherwise has proceed this link here now actually high equity
• You must live-in the house since top household (meaning you must alive there 6+ days a-year)

Types of Reverse Mortgage loans.

Along with the HECM opposite home loan, Fairway offers other types of contrary mortgage loans to offer choices when trying get the best match to the retirement package.

• Such as for example, for individuals who individual a high-worthy of property, a great jumbo contrary mortgage also offers a greater security maximum one you could borrow against rather than a timeless HECM contrary financial (whereby the current restriction you’d face try $step 1,149,825). Read more