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Reverse Mortgage

Let Your Home Take Care of You With a Reverse Mortgage

Reverse mortgages were created specifically for senior homeowners, allowing them to make the most of the equity they've acquired in their homes.

With a reverse mortgage, you borrow against the equity you've established in your home and do not need to repay the loan for as long as you live in, maintain your home, and pay property taxes and insurance. Rather than making monthly mortgage payments, you receive them.

Depending on your financial situation, a reverse mortgage has the potential to help you stay in your home and still meet your financial obligations.

We realize that reverse mortgages may not be right for everyone, and encourage you to be armed with reverse mortgage information for your families and advisors by gathering information and discussing your specific needs with your family members and your financial, legal, and tax advisors. Generation Mortgage's reverse mortgage consultants are dedicated to helping you throughout this process and are available to answer any questions you may have.

Eligibility Requirements for Reverse Mortgages

The eligibility requirements are quite simple. There are typically no income or credit qualifications.

  • Homeowners must be 62 or older and occupy the property as their principal residence

  • The home must be owned free and clear or have a remaining mortgage balance that can be paid off by proceeds from a reverse mortgage

  • The property must be a single family or a two-to-four unit dwelling

  • Townhomes, detached homes, condominium units, planned unit developments and some manufactured homes are eligible

  • The home must meet HUD minimum property standards

 

 

Executive Lending Services, Inc.
4041 University Drive, Suite 302, Fairfax, VA  22030
Office:  (703) 691-0958
Fax:  (703) 991-8687
contact@elsmortgage.com
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