Sentences with phrase «of qualifying for a reverse mortgage»

In general, homeowners who are over the age of 62 with 50 - 55 % or more equity in their home have a good chance of qualifying for a reverse mortgage.

As on 2014, your FICO score and your income are part of qualifying for a reverse mortgage, but nowhere near the way they are when applying for a traditional mortgage.

In general, homeowners who are over the age of 62 with 50 - 55 % or more equity in their home have a good chance of qualifying for a reverse mortgage.

Not exact matches

To qualify for a reverse mortgage, you must be at least 62 years of age and own a home.

Effective August 4, 2014, new Principal Limit Factors will be in place for the HECM, which will allow borrowers with spouses under the age of 62 to still qualify for a reverse mortgage.

When the last surviving borrower on the reverse mortgage meets one of the qualifying events for repayment, the loan will become due.

Most people are aware that they receive a percentage of their home's value or the Government lending limit (whichever is less) based on their age when qualifying for a Reverse Mortgage loan.

Those already in retirement who can't qualify for a line of credit may need to consider a reverse mortgage, which is another way to tap your home equity, albeit likely at a higher interest rate and with less flexibility.

Multi-family homes that contain up to 4 units, such as duplexes, triplexes, and quadruplexes, could qualify for reverse mortgage loans as long as one of the units is the main residence.

The most common type of home that qualifies for a reverse mortgage is a single - family home.

Borrowers of age 62 and above may qualify for an FHA - insured reverse mortgage loan that converts home equity into tax - free income.

Although there are some condominiums that may not qualify for a reverse mortgage, the majority of them could qualify.

If you're interested in improving your monthly income with the help of your home equity, find out if you qualify for a reverse mortgage.

The counselors are tasked with educating the borrowers about Reverse Mortgages as well as determining if there are any other types of financing they may qualify for.

If you are a Canadian, 55 years of age of older and a homeowner, you can qualify for a CHIP Reverse Mortgage from HomEquity Bank.

Since the loan accrues interest and the remaining spouse is not likely to be able to qualify for a reverse mortgage large enough to retire the existing reverse mortgage in the event of passing, the borrowers should have a plan for this eventuality.

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).

To qualify for a reverse mortgage the homeowner needs to be 62 years of age or older and needs to have substantial equity within their home.

When choosing whether or not one is right for you, qualified advice is invaluable; so too is selecting a loan originator who is well versed in all aspects of reverse mortgages.

A homeowner might choose a reverse mortgage because they're unable to qualify for a traditional, forward mortgage, due to a lack of employment and / or income.

To qualify for a reverse mortgage, you must be 62 years of age or older and own your home (those with existing mortgages may also qualify.)

Homes that don't qualify for a reverse mortgage include vacation homes, mobile homes, co-ops, and multi-family homes of more than four units.

If you have a significant amount of equity and a low mortgage balance, then you may qualify for a good amount of cash from a reverse mortgage.

To be qualified for a reverse mortgage, you or your spouse should at least be 62 years of age.

They are particularly useful to homeowners who can't qualify for other types of reverse mortgages.

The median age of a user who is qualified for a reverse mortgage using the reverse mortgage calculator on NewRetirement is 69 years old.

Of the one third who did not qualify for a reverse mortgage, 75 percent did not have enough equity in their home.

The Federal Housing Administration (FHA) requires that, to qualify for a reverse mortgage loan, all borrowers on a title must be over the age of 62.

So you don't need a minimum amount of income to qualify for a reverse mortgage.

If a particular home - owning senior citizen qualifies for a reverse mortgage - and many do - there are three methods of payment to choose from.

There is no minimum income or amount of assets required to qualify for a reverse mortgage.

Still, the changes in the rules mean an estimated 10 percent - 25 percent of potential borrowers will no longer qualify for reverse mortgages, Wills says.

Effective August 4, 2014, new Principal Limit Factors will be in place for the HECM, which will allow borrowers with spouses under the age of 62 to still qualify for a reverse mortgage.

This change will allow borrowers with non-borrowing spouses under the age of 62 to still qualify for a reverse mortgage, possibly giving them access to higher loan amounts.

If you have a significant amount of equity and a low mortgage balance, then you may qualify for a good amount of cash from a reverse mortgage.

You would then look online for a reverse mortgage calculator, enter some of your information, and come up with a very rough estimate that may seem as if you wouldn't qualify for enough money to be worthwhile.

An overview of HECM for Purchase A profile of buyers who may benefit from this option A quick reference guide and glossary of key terms Tips for writing the contract Guidance for finding a qualified reverse mortgage professional

An overview of HECM for Purchase A profile of buyers who may benefit from this option A quick reference guide and glossary of terms Guidance for finding a qualified reverse mortgage professional

There are many options with an FHA mortgage and not all of them involve purchasing a new home; you can apply for FHA rehab loans, FHA refinance loans, even an FHA reverse mortgage for qualified borrowers aged 62 or older.

Anybody over the age of 62 who owns a home can qualify for a reverse mortgage if there is adequate equity in the home.

To qualify for a reverse mortgage, you must be at least 62 years of age and own a home.