20 Oct Simply how much collateral will become necessary to possess a face-to-face mortgage?
The newest collateral you really need to be considered varies according to the financial you are getting a face-to-face financial that have. However, loan providers essentially require you to features at least 50% equity of your home.
step 3 type of opposite mortgage loans
Typically the most popular types of reverse financial try good HECM, that is backed by the fresh Federal Homes Management (FHA).