The Universe Is Sending You a Flirty Little Gift

A Smart Way for Seniors to Fund Home Upgrades

A reverse mortgage can be a smart way for older homeowners to fund home improvement projects – especially upgrades that make aging in place safer and more comfortable. Whether it’s remodeling a kitchen, installing a walk-in tub, or adding ramps and railings for accessibility, the loan lets you tap into your home’s equity for cash without monthly payments. That means you can invest in the updates you need now while continuing to live in the home you’ve built over the years. To qualify for a reverse mortgage, you must meet the following requirements:

• You must be at least 62 years old.

• You must own your home outright or have a low remaining mortgage balance that can be paid off at closing with reverse mortgage proceeds.

• The home must be your primary residence (not a second home or rental property).

• Eligible properties include single-family homes, FHA-approved condos, townhomes, and certain multi-unit properties (up to 4 units, as long as you live in one).

• You must demonstrate the ability to pay property taxes, homeowners insurance, and maintenance costs.

• You must complete a HUD-approved reverse mortgage counseling session to ensure you understand the loan terms and implications.

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