Reverse Mortgage Requirements: What You Need to Know - Total Mortgage Blog

Abstract

A reverse mortgage allows borrowers to withdraw a portion of their equity without having to repay until they leave the home. The maximum amount that can be borrowed, or the principal limit, depends on your age, the value of your home, current interest rates, and the program’s mortgage limit. The funds from a reverse mortgage are generally tax-free. There are also three types of reverse mortgages. The funds for a reverse mortgages are generally Tax-free and are generally to be generally tax. The HUD requires all reverse mortgage customers to complete a counseling session with a HUD-approved counselor.