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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
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
Posted on: 22nd May, 2006 07:20 am
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
Posted on: 22nd May, 2006 07:26 am
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
Posted on: 10th Jun, 2007 10:42 am
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
Posted on: 10th Jun, 2007 09:38 pm
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
Posted on: 11th Jun, 2007 02:39 pm
I am 55 and recently widowed can I quality for a reverse mortgage? I have lived in this house for over 20 years?
Posted on: 03rd Sep, 2007 06:23 am
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
Posted on: 03rd Sep, 2007 11:47 am
Hi Pat,

Reverse mortgage is available only for borrowers who are 62 years of age or above. So you cannot qualify for that.
Posted on: 04th Sep, 2007 12:31 am
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?
Posted on: 18th Jul, 2008 04:51 pm
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
Posted on: 18th Jul, 2008 08:38 pm
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
Posted on: 18th Aug, 2008 06:20 pm
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
Posted on: 19th Aug, 2008 12:24 am
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.
Posted on: 31st Aug, 2008 01:34 pm
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
Posted on: 01st Sep, 2008 03:49 am
I Am a retired builder and built our dream home for my wife. It is worth or was worth $ 680k and i owe $396k. Thing went well and what a wonderful place to have all the family come stay or run spiritual retreats. # years ago My wife Rev Jan got Ahlzimers and the medical bills piled up to $35k. My question is with the Bill HR 3221 setting the cap to $625k is there anything that i can do with a Reverse morgage?
Posted on: 05th Sep, 2008 08:29 pm
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