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.
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 loan.
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.
If they have money available, they can «pay down» their mortgage balance to
qualify for the reverse mortgage loan.
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.
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.
There are no minimum credit score requirements to
qualify for a reverse mortgage loan.
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.
If they have money available, they can «pay down» their mortgage balance to
qualify for the reverse mortgage loan.
For more information about reverse mortgage loans and which loan option might be right for you, please click here to request our free Educational Reverse Mortgage Handbook or use our reverse loan calculator to see how you may
qualify for a reverse mortgage loan.
Not exact matches
To check your eligibility and the amount you may
qualify for, try out our online
reverse mortgage loan calculator.
When the last surviving borrower on the
reverse mortgage meets one of the
qualifying events
for repayment, the
loan will become due.
Firstly, If you are counting on the
reverse mortgage later, the only way you will know
for sure if you and the property both
qualify is by applying
for the
loan and getting an appraisal.
Reverse Mortgage loans are much easier to
qualify for than Conventional
loans as it pertains to income and credit requirements.
When you are in the market
for a
reverse mortgage loan, it is important to find out how much money you may possibly
qualify for from your home.
Borrowers of age 62 and above may
qualify for an FHA - insured
reverse mortgage loan that converts home equity into tax - free income.
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.
Not only does this limit how much cash can be accessed, homeowners with larger
mortgage balances may not
qualify for the
loans any more since you need to be able to payoff all existing
mortgages when getting a
reverse mortgage.
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.
Most
Reverse Mortgage borrowers have chosen the adjustable rate option
for the simple fact that the fixed rates have historically been quite a bit higher than the adjustable rates, the borrowers
qualified for less money with fixed rates and since the borrowers have to take a full draw on the fixed rate
loans, it just did not make sense
for many senior borrowers.
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.
For example, you may want to find out how much money you qualify for with a reverse mortgage in order to decide whether or not pursuing this loan would be worth your effo
For example, you may want to find out how much money you
qualify for with a reverse mortgage in order to decide whether or not pursuing this loan would be worth your effo
for with a
reverse mortgage in order to decide whether or not pursuing this
loan would be worth your effort.
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.
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.
When you are in the market
for a
reverse mortgage loan, it is important to find out how much money you may possibly
qualify for from your home.
For example, you may want to find out how much money you qualify for with a reverse mortgage in order to decide whether or not pursuing this loan would be worth your effo
For example, you may want to find out how much money you
qualify for with a reverse mortgage in order to decide whether or not pursuing this loan would be worth your effo
for with a
reverse mortgage in order to decide whether or not pursuing this
loan would be worth your effort.
«Understanding More About
Reverse Mortgage Loan CalculatorsDoes My Home
Qualify for a
Reverse Mortgage?»
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.
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.
Income: You don't need income to
qualify for a
reverse mortgage because you're not required to make payments on the
loan.