The Mortgage Phoenix Group

Loan Programs

Reverse Mortgage

A reverse mortgage is a specialized loan option designed for homeowners aged 62 and older, allowing them to convert a portion of their home’s equity into cash. This type of loan is ideal for retirees looking to supplement their income, pay for medical expenses, or fund home improvements without having to make monthly mortgage payments. Backed by the government, a reverse mortgage provides financial flexibility and stability, helping seniors maintain their independence and stay in their homes longer.

Independent

Accessible

Flexible

Start by Getting Pre-Qualified

Requirements

Here's what you'll need to get started.

Age Requirement

Borrowers must be 62 years of age or older to qualify for a reverse mortgage.

Credit Score

While there is no specific minimum credit score required, a score of 580 may be considered the minimum on a case-by-case basis, given that the program is government-insured.

Property Ownership and Residency

The property must be the borrower’s primary residence, and they must maintain ownership and occupancy to qualify.

Financial Obligations

Borrowers are required to continue paying property taxes, homeowners insurance, and maintain the property. Qualification includes ensuring the borrower can meet these obligations.

No Employment or Income Requirements

Unlike traditional loans, reverse mortgages do not require employment or a minimum income, making them accessible to retired individuals.

No Employment or Income Requirements

Unlike traditional loans, reverse mortgages do not require employment or a minimum income, making them accessible to retired individuals.

How The Mortgage Phoenix Group Can Help

If you’re a homeowner aged 62 or older, a reverse mortgage can be a powerful tool for supplementing your retirement income. The Mortgage Phoenix Group will help you unlock your home’s equity to create a financial plan that fits your lifestyle and needs. Whether you want to eliminate your monthly mortgage payment or access funds for medical expenses or home improvements, we’ll guide you through the process and ensure that you understand all aspects of your reverse mortgage. Our mortgage planners are here to support you in maintaining your financial independence during retirement.

Get Started Today by Getting Pre-Qualified!