- Must own property and occupy as a primary residence
- Property must meet FHA property standards
- Maintain home with needed repairs, property taxes and insurance
- All reverse mortgage borrowers must be 62 or older
- Must participate in a reverse mortgage counseling session (over the phone or in person)
Loan Amount Qualifications
- Age of youngest borrower
- Current Interest Rate
- Lesser of appraiser value or the FHA insurance limit
Is a Reverse Mortgage a Better Option Than Selling My Home?
Selling your home eliminates one of your largest and most secure investments. The fees from the sale alone will eat up 6-10% of your homes equity. Moving is often emotionally and physically exhausting. Then you may have to pay rent or make another monthly payment that takes away from your lifetime savings.
Is My Credit (Good or Bad) a Concern When Applying For a Reverse Mortgage?
To qualify for this program, you must be 62 years of age and a homeowner. There are no credit, income or health requirements to qualify for a Reverse Mortgage. It also has no effect on your Social Security or Medicare benefits.
What is a Reverse Mortgage?
A Reverse Mortgage is like any other mortgage loan except for one KEY detail! You’re not required to make a mortgage payment! A Reverse Mortgage is a loan for a senior homeowner that uses a portion of the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. All remaining equity is inherited by the estate.
Contact us for a free guide to Reverse Mortgages at 951-965-6550!