Dear Santa and Mrs Claus

As promised in our last letter, today we’ll explain how Reverse Mortgages work and also how you can qualify for one.

Reverse Mortgages are easy to qualify for as long as there is enough equity in the property.

  • Youngest borrower must be 62 years of age or older
  • No income or credit score requirements
  • Counseling is required from a HUD approved agency (at no cost to the borrower)
  • Property must be the primary residence (the house does not need to be mortgage free)

Reverse Mortgages are non-recourse which means the borrower can never owe more than the appraised value of the house.

Don’t forget that you can receive the money you borrow in one lump sum or in monthly tax free payments.

After your Christmas rush when you and Mrs. Claus have some time to consider all the possibilities that a Reverse Mortgage can bring to you, please contact Millennium Mortgage so we can help you to get your financing in place.