Who is eligible for a reverse mortgage?

Guest 0.10 Dollars($)

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

adonis · Posted: Mon May 22, 2006 7:20 am 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

Caron · Posted: Mon May 22, 2006 7:26 am 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

Guest 0.10 Dollars($)

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

ezmortgageloanz · Posted: Sun Jun 10, 2007 9:38 pm 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

Guest 0.10 Dollars($)

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

Guest 0.10 Dollars($)

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

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

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

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Pat,

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

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