Sentences with phrase «to qualify for a reverse mortgage»

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.

Homeowners with an existing mortgage may still qualify for a reverse mortgage, if certain conditions are met.

Below, we'll go through each condition so you can determine if you, your spouse and your home qualify for a reverse mortgage loan.

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.

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

There is no income and credit requirements in order to qualify for a reverse mortgage as the loan is secured by the home equity and can be paid back by selling the property.

This means borrowers whose properties previously may not have qualified for a reverse mortgage now have access to this viable retirement planning tool.

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

Seniors ages 62 years or older who own and live in their home as their primary residence are most qualified for reverse mortgages.

A: You may qualify for a reverse mortgage even if you still owe money on an existing mortgage.

Income: You don't need income to qualify for a reverse mortgage because you're not required to make payments on the loan.

In order to qualify for a reverse mortgage loan, you must be 62 years of age or older, own your home, and live in it as your primary residence.

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.

This means borrowers whose properties previously may not have qualified for a reverse mortgage now have access to this viable retirement planning tool.

Seniors who qualify for reverse mortgage for purchase can use the loan to buy a home anywhere in the country, including Maryland.

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.

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.

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.

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

Explaining a reverse mortgage and referrals to qualified professionals that work with seniors with lower incomes, higher debt and difficulties in qualifying for a reverse mortgage.

In addition to a first home buyers course, ACCC also offers counseling for consumers considering reverse mortgage solutions, with information about qualifying for a reverse mortgage and answers to questions like «How do reverse mortgages work?»

ACCC also offers reverse mortgage info, including details on qualifying for a reverse mortgage and answers to questions like «What is 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.

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.

«Understanding More About Reverse Mortgage Loan CalculatorsDoes My Home Qualify for a Reverse Mortgage?»

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 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.

You must have built enough equity on the home before you can qualify for reverse mortgage.

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

In addition to the three essential requirements above, you'll also have to meet several other guidelines to qualify for a reverse mortgage.

Homeowners age 62 and older may qualify for a reverse mortgage.

In order to qualify for a reverse mortgage, you must be at least 62 years of age and you must have a substantial amount of home equity.

A down payment is necessary to provide some equity in the home and qualify for the reverse mortgage.

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

Although many types of homes could qualify for a reverse mortgage, there are a few types that do not.

In addition, if the property is income - producing, it loses its eligibility to qualify for a reverse mortgage.

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

If they have money available, they can «pay down» their mortgage balance to qualify for the reverse mortgage loan.

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 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.

Complete Guide to Reverse Mortgage Comparing Reverse Mortgages vs. Forward Mortgages Do You Qualify for a Reverse Mortgage?

(For more, see Do You Qualify for a Reverse Mortgage?

To qualify for a reverse mortgage, you must either own your home outright or be close to paying it off.

If you are interested in a reverse mortgage, then you should read up more about the process and the requirements to qualify for the reverse mortgage.

Also, second and third mortgages may need to be paid off before seniors can qualify for a reverse mortgage (it would depend on the lender).

Once you've learned that you qualify for a reverse mortgage and have started working with a lender, you'll be faced with an important decision: which payment option you'd like.

There are no minimum credit score requirements to qualify for a reverse mortgage loan.

Usually the reason one spouse is removed from title is due to age (either the spouse to be removed is not old enough to qualify for a reverse mortgage or they are younger and do not qualify for enough to pay off an existing mortgage, etc).