Sentences with phrase «qualify as a reverse mortgage»

If you find your property on this approved list, then it could qualify as a reverse mortgage condo.

Not exact matches

Even the most qualified homeowners can borrow only as much money as their house is worth, as proceeds from the eventual sale of the home are used to pay off the reverse mortgage debt.

Reverse mortgage are federally insured1 home equity loans that allow qualified seniors to access a portion of their home equity as usable funds.

As long as you have a 1 to 4 - family home, or a townhouse that you live in, your home qualifies for a reverse mortgage loaAs long as you have a 1 to 4 - family home, or a townhouse that you live in, your home qualifies for a reverse mortgage loaas you have a 1 to 4 - family home, or a townhouse that you live in, your home qualifies for a reverse mortgage loan.

Reverse Mortgage loans are much easier to qualify for than Conventional loans as it pertains to income and credit requirements.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3

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.

A reverse mortgage allows qualified senior homeowners to borrow against their home equity tax - free2 while continuing to own and live in their house.3 The money can be received as a lump sum, 4 monthly payments, or a line of credit to access when needed.

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

Last year 4,343 Texas homeowners tapped into their home equity using a reverse mortgage loan.3 Unlike a traditional mortgage, a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.4 The loan proceeds are not taxed as income, or otherwise, 5 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.

If a married couple owns a home together and they want to take out a reverse mortgage when one spouse is 62 or older and the other isn't, the younger spouse won't qualify as a co-borrower on the loan.

The reverse mortgage allows you to stay in your home until the last borrower on the loan (or under the current guidelines, a qualified spouse who is under the age of 62 at the time the loan is obtained and is recognized as a Non-borrowing spouse) permanently leaves the residence.

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.

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.

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).

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 place.

As an education - focused nonprofit, we are uniquely qualified to guide borrowers through the often complicated reverse mortgage process.

A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their home's equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments.

As long as you own a home and are of qualifying age, you can receive a HUD reverse mortgagAs long as you own a home and are of qualifying age, you can receive a HUD reverse mortgagas you own a home and are of qualifying age, you can receive a HUD reverse mortgage.

Reverse mortgage are federally insured1 home equity loans that allow qualified seniors to access a portion of their home equity as usable funds.

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

As a financial professional, you may believe a reverse mortgage could help your client, but not know if they qualify for one.

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.

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.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3