Let’s take a look at some of the Requirements of a Reverse Mortgage..
Reverse Mortgages are for senior homeowners age 62 and above whom have equity in their homes. If you are a senior and want to eliminate your mortgage payment and/or receive cash a reverse mortgage may be right for you.
You must meet the following:
- Be 62 years of age or older
- Either own your home free & clear OR pay off the existing mortgage at closing. (Proceeds of Reverse Mortgage may be used for this)
- Any other existing mortgages must be paid off at or before the closing
- Occupy the home as your principal residence
- Not be delinquent on any federal debt
- You must complete a counseling session with a government approved third party counselor
- You must continue to make your real estate taxes, home and flood insurance payments (if applicable) on time.
Your property must meet the following FHA property standards and flood certification requirements:
- The home must either be a single family home or a one-to-four (1-4) unit property (as long as you occupy one of the four units as a primary residence)
- If the property is a condominium it must be a U.S. Dept of Housing and Urban Development (HUD) approved condo project. Property Requirements.
- If the property is a manufactured home it must meet FHA requirements
- You must also maintain the maintenance and repair of your home
There are a few Reverse Mortgage Options to choose from and we will help you find the one that is right for you.
Looking for more info? You’re in luck!
Reverse Mortgage 101: Seven Core Questions for Reverse Mortgage Shoppers
- How Does a Reverse Mortgage Work?
- Who is Eligible for a Reverse Mortgage?
- Which is Best: Fixed or Adjustable Rate Reverse Mortgage?
- How Do I Find the Perfect Reverse Mortgage for My Needs?
- What is the Reverse Mortgage Process?
- How Do I Find a Quality Reverse Mortgage Banker?
- How Will I Receive the Money?
For an explanation of Reverse Mortgage 101 click here
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