How much equity do you need for a reverse mortgage? [CNBC]
Finance of America Companies Inc. Class A (FOA)
Company Research
Source: CNBC
With a reverse mortgage , homeowners aged 62 or older can tap a valuable asset for cash without making monthly payments. Instead, payment is due when you sell the house, stop living in the house full-time, die or fail to make property tax and homeowners insurance payments. While there are no credit scores or income requirements, lenders have another big must-have: home equity. Your home equity is the market value of your home minus any outstanding debt on your property — including primary mortgages or second mortgages, like home equity loans or home equity lines of credit (HELOCs) . In short, it's the portion of your home you own outright. Depending on the lender, homeowners are typically required to have 50% or 60% in equity to take out a reverse mortgage. Government-backed home equity conversion mortgages (HECMs) — the most popular type of reverse mortgage on the market — require 50% equity. Lenders may also consider your age and whether you can make on-time insurance and tax
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