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Are you eligible for a reverse mortgage?

Posted on: 26th Mar, 2004 03:47 am
If you are living on fixed income with home equity as your only asset and need additional funds on a regular basis, you may be the right person to look out for reverse mortgages. However, make sure that you don't want to leave much of the property to your heirs.

Reverse mortgages require you to satisfy the criteria as given below:

Borrower's profile:

  • You and your co-borrower, if any, should be aged 62 years or above.

  • You should be the owner of the property against which you intend taking the reverse mortgage.

  • You should occupy the property as your primary residence.

  • There should be enough equity in your home.

  • If there are past debts on your home, pay them off prior to taking out the loan or else pay them off right after you get the loan funds.

Property type:

  • 1 unit single family dwelling

  • 2-4 unit owner occupied dwelling

  • Condominiums and townhomes

  • Planned unit developments (PUDs)

  • Mobile home or manufactured homes
However, properties like townhomes, condominiums, mobile homes and modular homes often qualify only if they meet the criteria set by the FHA. For mobile homes, one has to own the land in addition to satisfying the criteria set by FHA.

The best thing about reverse mortgages is that you don't need great income or credit to qualify for such loans. In fact, lenders don't ask for a minimum income or credit requirement when it comes to qualifying for reverse mortgage.

Related readings
I have a double wide that sites on 2 acres of land in Western Montana. I have put a porch on two side of the house and a standard pitched roof, so it now looks like a stick build home. I plan on building two more rooms to it. I owe approx. $29,000 on it. I owe approx. $14,000 in credit card debt. I'll looking to get a new transmission for my car, that will be $4000 plus the instalation and want to add two new rooms on my house..one being a large bathroom that I've already build the foundation and a new living room with high cellings to hang my big game mounts.. Is that all possible with a reverse mortage. and what kind of interest rate can I expect. I am retired and 69 years old.

Can I be helped.?????????
Posted on: 09th Jan, 2006 12:12 pm
Hi Norman,

Welcome to MortgageFit Forums.

There are programs available on double wide and I think your age is sufficient for your qualification. Can you give us your score?

I shall suggest you to register yourself with at our community sign up page. This will help us to send your information to our customer care department who will contact you to find the right type for you.

For your information generally reverse mortgages carry variable rates that are tied to a financial index and there may variations according to market conditions.

We always try to provide our guests with best service possible and will certainly help you find out the best deal.

God bless you.

Thanks,
Samantha



All reverse mortgages have variable rates that are tied to a financial index and will vary according to market conditions
Posted on: 09th Jan, 2006 12:28 pm
Nine years ago, parents were able to purchase a townhouse in Miami thanks to a government program which subsidized a greater part of the mortgage for ten as long as they occupy the residence. At the end of the ten years my parents will be left with just their small affordable mortgage and the government pays their portion in full. My question is whether they have to wait until the ten years are yp to apply for a reverse mortgage. My father is 70 years old and working fullt-time until a recent injury rendered him unable to work at all. A few months later, my mom, 59, was taken ill and also cannot work due to her condition which will take at least a year to resolve, Lord willing. Thank you. Vida
Posted on: 05th Apr, 2006 07:18 am
Hi Vida,

Your father can go for a reverse mortgage program even if his previous mortgage is pending. He can utilize the first installment to repay the unpaid loan.

Regards,
Blue
Posted on: 05th Apr, 2006 09:19 am
Hi Vida,

Welcome to MortgageFit Forums.

I wish your mother to get well soon. Lord will definitely help her to recover.

Your parents can still qualify for a reverse mortgage if they own a primary residence and have a low balance on the previous mortgage.

But one thing I would like to mention here that if the property is both in the name of your father and mom, then both of them needs to be 62 and above.

If the house is in your father's name, then he can qualify for the program now. Even if the property is in joint name, if your mom can quit claim her interest in the residence to your father, then he can quialify for reverse mortgage on his own.

In any case I don't see any problem to it. They can go ahead with their plan.

Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha
Posted on: 05th Apr, 2006 09:27 am
My dad just died and the mortgage insurance won't pay due to a pre existing illness. Approximately 52K is owed on the double wide. My mom is 58 this year. Can anything be done to help her? :?:
Posted on: 05th Apr, 2006 10:01 am
Hi,

Welcome to MortgageFit Forums.

It's sad news to hear about your father. I can understand the situation of your family. I pray god to give you strength to withstand this situation.

It will be too early to suggest you anything without knowing more about your financial detail. Was your father the only earning member? Is there any other source of income?

I believe you mentioned the age with a hope to know if she qualifies for the reverse mortgage program, but I am sorry to say that she has to attain a age 62 and above to get a reverse mortgage.

You can let us know what exactly you want for us to do so that we can suggest you in a better manner.

We will be happy if we can suggest something helpful for you and your mother.

God bless you.

For MortgageFit,
Samantha
Posted on: 05th Apr, 2006 10:16 am
Are there specific rules and lenders that will process a reverse mortgage on a condominium?
Posted on: 07th Apr, 2006 12:23 pm
Hi Dagmer,

To qualify for a HECM loan, the homeowners must be at least 62 years of age and the condominium has to be their principal residence.

The amount of equity that you can borrow depends on where you live and the prevailing interest rates.

Angel
Posted on: 07th Apr, 2006 12:35 pm
Dagmer,

The Condominiums has to FHA approved to get a FHA insured reverse mortgage. The home must be in a reasonable condition and should be able to meet the HUD minimum property standards.
Posted on: 07th Apr, 2006 12:41 pm
Hi Dagmer,

You can qualify for a HUD's reverse mortgage program if you are 62 and above. The condominium should be your principal residence. It has to be a single family residence or a one-to-four unit dwelling with one unit occupied by the borrower.

The condominium must be FHA approved and should meet the FHA minimum property standards.

Hope this helps.

James
Posted on: 07th Apr, 2006 12:54 pm
My spouse is deceased and the mortgage that I have now is one that I got after his death with only my name on it. Will there be a problem if I applied for a Reverse Mortage. I am of age.
Posted on: 13th Apr, 2006 01:53 pm
Hi Jean,

Welcome to MortgageFit Forums.

There is every possibility that you can still qualify for a reverse mortgage. If the mortgage balance is low then you can qualify easily for a reverse mortgage program.

You may use the proceeds from the first installment from the reverse mortgage loan to pay off the outstanding balance.

So, don't get worried only because you have an existing mortgage. Talk to the lenders/brokers to find out how they can help you under this condition.

Feel free to ask if you have any more queries. We will be happy to help you.

God bless you.

For MortgageFit,
Samantha
Posted on: 13th Apr, 2006 02:50 pm
Hi,

As far as in know you can get a reverse mortgage even if you already have a mortgage. After getting a reverse mortgage you should use the first installment to pay off the outstanding debts.

Thanks,
Jerry
Posted on: 13th Apr, 2006 07:16 pm
is it posible to get a reverse im 68 my wife 65.our home is at least 200,000 we owe 169,000
Posted on: 22nd May, 2006 07:17 am
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