Jessica
Author:
Community Mentor
Bookmark It
Bookmark Delicious Add to del.icio.us
Bookmark Yahoo Web Add to YahooMyWeb
Bookmark Simpy Add to Simpy
Bookmark Blinklist Add to BlinkList

Are you eligible for a reverse mortgage?

Author Message
jmol1938@people.com

Guest






0.10 Dollars($)

Post     Post subject: reverse mortage

is it posible to get a reverse im 68 my wife 65.our home is at least 200,000 we owe 169,000
image
Mini Profile  adonis
adonis



Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA

1042.50 Dollars($)

Post     Post subject: RE

Hi, Jmol

I dont see any reason that why you cant get a loan. You can start looking for all the possible options.

All the best.

Adonis

_________________
Procrastination is the enemy of your financial success
image
Mini Profile  Caron
Caron
Moderator


Joined: 19 Jul 2005
Posts: 1519
Location: florida

281.04 Dollars($)

Post     Post subject: RE

Hi Jmol,

Welcome to the forums.

You can look for all the possible options for reverse mortgage. The minimum age for reverse mortgage is 62 and you are well over that, so I dont think you will have any difficulty in getting the loan.

We have a community of Lenders with us who deals in all kind of loans. You can sign up with us for a reverse mortgage. Once you signup with us, you will get a no obligation free consultation over the phone. Know more on how we follow up after you sign up with us.

Hope to see as our Community member.

Thanks,

Caron
image
Ken Paylor

Guest






0.10 Dollars($)

Post     Post subject: Discount for Veterans with 100%

What is the cost and is there a problem set up with the VA in which veterans that are rated 100% disability get a better price? Thanks, Ken
image
Mini Profile  ezmortgageloanz

Moderator

best lender badge
Joined: 06 Apr 2007
Posts: 123
Location: National

37.57 Dollars($)

Post     Post subject:

Here are some general pointers on reverse mortgages:

a. The reverse mortgage must be on your primary residence.
b. Income is not a requirement for qualification.
c. Credit is not a a requirement for qualification.
d. If you have an existing mortgage, you must use the proceeds to pay off the existing mortgage first.
e. You'll always remain on title.
f. Will not effect social security, medicare or pension benefits.
g. Must be 62 or older.
h. Use of loans comes with no restrictions.
i. Proceeds from a reverse mortgage are tax free.

Regards,

Scott Miller

_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
image
morris rj56

Guest






0.10 Dollars($)

Post     Post subject:

Ken VA has Specially Adapted Housing Program for veterans with service connected disabilities.

Read more about it from - http://www.homeloans.va.gov/sah.htm
image
pat

Guest






0.10 Dollars($)

Post     Post subject: reverse mortgage

I am 55 and recently widowed can I quality for a reverse mortgage? I have lived in this house for over 20 years?
image
Mini Profile  miller_st
miller_st



Joined: 17 Jan 2007
Posts: 918


168.95 Dollars($)

Post     Post subject:

Sorry Pat, but to qualify for reverse mortgage one should be aged 62 or more. You will have to wait for few more years.

Miller
image
Mini Profile  larry




Joined: 27 Jun 2007
Posts: 3322


474.67 Dollars($)

Post     Post subject:

Hi Pat,

Reverse mortgage is available only for borrowers who are 62 years of age or above. So you cannot qualify for that.
image
Oliviap8

Guest






0.10 Dollars($)

Post     Post subject: Reverse mortgage for my mother

My mom is recovering from hip surgery at my sister's house. She is over 62 and paid her home off. Can she still qualify for a reverse mortgage even tho she will not be living in her own home for approximatly 3-4 months?
image
Mini Profile  brian1
brian1
Community Expert
Community Expert

best lender badge
Joined: 14 Jun 2008
Posts: 448
Location: Northern California

15.61 Dollars($)

Post     Post subject:

Hi Olivia,
If there is a medical reason for her not being there but she will return than yes she will still qualify. The terms are that she must pay off the loan if she is not there for a period od 12 months or more so like I said she should be fine.
Good Luck
Brian

_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com
image
lois joan demartino

Guest






0.10 Dollars($)

Post     Post subject: I would like to know qualifications

Need info as whether or not i qualify I just tured 62 own a condo in Toms Riveer NJ Value of condo is approx 205,000 my mortg balance is approx 202,000 i have owned the condo for over 15 yrs
image
Mini Profile  jameshogg
jameshogg



Joined: 20 Dec 2005
Posts: 10148
Location: Nevada

941.94 Dollars($)

Post     Post subject: RE: reverse mtg on condo

Hi lois joan,

Welcome to forums.

Since you've turned 62, you can qualify for reverse mortgage provided you satisfy the other eligibility criteria . Since you have a mortgage already, you'll have to pay it off with the reverse loan proceeds. I hope you're aware of this. Or is it that you are taking the reverse mtg just to pay off the outstanding loan balance?

Whether you'll qualify at the rates available can be determined only when you start shopping for the loan. So, check out as to whether you fulfill the basic criteria and then start shopping for the loan. While you shop for offers, you may request for free mortgage quotes with the lenders in this community. The lenders here offer different types of loans based on one's assets, income, liability etc. So, once you receive the quotes, you'll be able to understand what you're getting and whether you'll qualify for it.

Thanks
image
brokeinmaine

Guest






0.10 Dollars($)

Post     Post subject: reverse mortgage

My husband is 62 we have a mortgage of $159,000 we live in york county, maine. However, I am 59. Would we still be able to get a reverse mortgage.
image
Mini Profile  sara
sara
Moderator


Joined: 05 Jul 2006
Posts: 2642
Location: New Brunswick, New Jersey

488.01 Dollars($)

Post     Post subject: RE: reverse loan eligibility

Hi brokeinmaine,

Your husband and you will not be able to qualify for reverse mortgage as because the youngest surviving borrower has to be minimum 62 years of age. And this isn't the situation here. can you tell me what's your purpose behind taking out the reverse mortgage? I mean you could as well qualify for a home equity loan or Heloc provided you agree to make monthly payments and have the required income and credit.

Take Care

_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
image
 Previous  1, 2, 3, 4, 5, 6, 7, 8  Next  
Page 2 of 8

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.100 seconds.