Sentences with phrase «qualified for a reverse mortgage using»

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

Not exact matches

California residents may qualify for either fixed rate or adjustable rate reverse mortgages, which can allow you to use the equity in your home.

Maryland residents may qualify for a fixed or adjustable reverse mortgage that allows them to put their equity to use.

California dreamers who qualify for a reverse mortgage for purchase can use their loan to purchase a home anywhere in the U.S. Like other reverse mortgages, the loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away.

Because the formula is so complex and loan rates change daily, there are online reverse mortgage calculators you can use to determine how much money you would be eligible for and therefore how much equity you must have to qualify.

For those who do qualify, the reverse mortgage purchase can be used as a tool toward funding retirement in addition to moving to a new home that is more suitable for aging in plaFor those who do qualify, the reverse mortgage purchase can be used as a tool toward funding retirement in addition to moving to a new home that is more suitable for aging in plafor aging in place.

Your credit report will need to be run, but your specific credit score number is not used to qualify for a reverse mortgage.

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The last major boomer - friendly reverse mortgage tweak came in 2009, when the Federal Housing Administration, or FHA, announced its HECM for Purchase Program, which enabled qualified seniors to downsize or relocate by using a reverse mortgage to purchase their new home, thereby saving on closing costs.

HECM, which stands for Home Equity Conversion Mortgage and is also known as an FHA Reverse Mortgage, allows qualified borrowers to apply for an FHA loan which uses equity as the security for the loan.