Sentences with phrase «qualify for a reverse mortgage because»
Income: You don't need income to qualify for a reverse mortgage because you're not required to make payments on the loan.
https://www.thebalance.com/ Not exact matches
All the same — because reverse mortgage income is tax free and borrowers don't need a good credit score to qualify — they can be a great last resort for someone who is in a last - resort situation.
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.
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.