Important Disclosures

A reverse mortgage is a loan. While you can generally choose to pay an amount monthly, annually or when you sell the home it is still a loan and interest accrues over the term of the loan. Most borrowers choose to not make any mortgage repayments while they continue to live in the home. You must continue to pay property taxes and insurance on the home or could risk losing the home in foreclosure.

General eligibility restrictions and requirements:

  • You must be at least 62 (or a qualified non-borrowing spouse)
  • You must speak to a HUD Approved Housing Counselor
  • The property must be your primary residence; and
  • You may not have any delinquencies on any federal debt, suspensions, debarments, or excluded participation from FHA programs
  • You must have sufficient equity in your home (generally 45% or better loan-to-value)

A Reverse Mortgage is a loan that has associated closing costs and fees.

Common costs include:

  • Loan origination fee
  • Third party fees (such as appraisal, inspection, title policy, etc.)
  • FHA Mortgage Insurance Premiums (MIP)
  • Servicing fees
  • Interest

Certain exclusions may render you ineligible for a Reverse mortgage, such as if your home is a Co-Op, manufactured home built before June 15, 1976, manufactured home built after 1976 but does not adhere to the safety standards of manufactured home construction, or if your home is used for revenue generation such as a boarding house, You are encouraged to speak with an FHA/HUD approved housing counselor prior to making a decision relating to a Reverse mortgage and to speak with your loan officer for details related to fees and costs associated with the same.

While eReverse does obtain feedback from actual consumers, the information provided throughout this website is for illustrative purposes only and should not be relied upon as what you can expect to obtain with a reverse mortgage. Your unique financial situation, home value, location and decisions may warrant different results. Please speak with a qualified housing counselor or a mortgage loan professional related to specific questions you have related to a reverse mortgage.

Calculators are made available as tools for your use in comparing products and potential variations related to the estimated value of your home and potential amounts you may pay and or receive related to a reverse mortgage or other mortgage product. eReverse does not guarantee the accuracy of the results and you should seek individualized advice from qualified professional(s) who can assist with your personal financial situation and your homes actual valuation. All tools and calculators are deemed examples and are for illustrative purposes only. Your final payment, monthly amount, lump sum total, interest rate, loan, amount and/or fees are unknown and all calculations are estimates only and are not a firm offer.

eReverse does not warrant any information related to estate planning, financial planning and/or tax planning. All information is gathered from several sources, but relies heavily on those found at hud.gov related to Reverse Mortgages. You should seek independent legal, financial and tax advice related to all estate planning, financial planning and tax concerns related to a Reverse Mortgage. In addition, you are required to speak with a housing counselor in your area.

Reverse Mortgage Counseling

The U.S. Department of Housing and Urban Development (HUD) requires that anyone applying for a reverse mortgage receive a counseling session from a HUD approved third-party counselor. Counseling sessions are designed to make sure you understand your financial options and how the reverse mortgage works. Sessions generally last about an hour and can be completed over the phone in most states.

For your convenience we have listed just a few national HUD-approved counselors below. To search for all HUD-approved counselors in your area, please visit hud.gov.

State & Federal Licensing

eReverse is a DBA of Intercontinental Capital Group, Inc. (ICG), a direct lender approved by the Federal Housing Authority (FHA). Please click here for complete licensing information.

Equal Housing Lender