Sentences with phrase «to qualify for a reverse mortgage loan»
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.
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Below, we'll go through each condition so you can determine if you, your spouse and your home 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.
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.
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.
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.
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.
If they have money available, they can «pay down» their mortgage balance to qualify for the reverse mortgage loan.
There are no minimum credit score requirements to qualify for a reverse mortgage loan.
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.
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.
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.