In order to apply for a reverse mortgage you must be 62 years of age or older. All owners who are on the title deed must meet this age requirement, as well as apply for and sign the loan agreements. Lastly, the home must remain the applicants’ principle place of residence.
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One of the most attractive benefits of a reverse mortgage is there are no income, credit, or medical requirements to meet in order to qualify.
To find out more, or discover what might be available for you, feel free to fill out the information below.
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REVERSE MORTGAGE ESTIMATOR Reverse mortgage calculation provided by ReverseVision - http://www.reversevision.com BE SURE TO FILL OUT THE FORM ABOVE TO RECEIVE
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YOUR FREE PERSONAL DETAILED REPORT.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home as your primary residence. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan.
Pre-Mortgage Counseling
In order to ensure that homeowners are fully aware of the financial ramifications of obtaining a reverse mortgage, you must undergo counseling with an unbiased third party before completing a loan. HUD and AARP oversee this procedure and the qualified counselors who provide this service.
How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse in the case of couples), the appraised home value, interest rates, and in the case of the government program, the lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get.
To find out more, or discover what might be available for you,
feel free to fill out the form above.
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