Sentences with phrase «mortgage age requirements»

Not exact matches

Proof of projected retirement income is also a requirement for applicants 57 and over, if they require the mortgage to continue past normal retirement age.

For those people meeting the 62 - year - old age requirement who have substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments by paying off an existing mortgage through a federally - insured loan.

To qualify for a reverse mortgage, borrowers must be at least 62 years of age, own their home and occupy it as their primary residence (among other requirements).

The minimum age requirement for reverse mortgage loan is 62 years old.

To get a mortgage insured, you may need to go outside some of those requirements, such as being accepted for coverage at an advanced age.

Surely OREA needs to look at more provincial poressing problems that are prevalent and will only escalate as the population ages and increases — for example better transit and seniors housing and tightening mortgage requirements and others....

In addition to the age requirement, to qualify for a loan you need to own your home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan and you must live in the home.

Qualifying can be easier than for a conventional mortgage — You must meet the age requirements, have enough equity in your home, live in the home as your primary residence, the home must meet FHA property standards, and you must meet financial eligibility criteria as established by the U.S. Department of Housing and Urban Development (HUD).

Eligibility for reverse mortgages depends on: 1) General requirements (age 62 +, is a homeowner & others).