Other Home Loans

To qualify for most home loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don’t have to make monthly repayments. So you don’t need a minimum amount of income to qualify for a reverse mortgage. You could have no income, and still be able to get a reverse mortgage. With most home loans, if you fail to make your monthly repayments, you could lose your home. But with a reverse mortgage, you don’t have any monthly repayments to make, so you can’t lose your home by

failing to make them. Reverse mortgages typically require no repayment for as long as you—or any co-owner(s) of yours—live in your home. So they differ from other home loans in these important ways:

• you don’t need an income to qualify for a reverse mortgage; and

• you don’t have to make monthly repayments on a reverse mortgage.