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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 approx. 1550 sq.ft with 3 bedroom townhome here in Richmond, Va. I would say the property valuse is about 185K and I owe 162K. I will soon be turning 63 and I have NO family. I know most reverse mortgages like to have more equity in the house, however if there a possible way of being about to get a reverse mortgage with this amount of equity? If so, where? If not, how much more would I need to have in the townhouse so I can apply for a Reverse Mortgage? Also, I have no 2nd Mortgage on the house.
Posted on: 29th Aug, 2009 09:56 am
check this out

http://www.mortgagefit.com/reverse.html
Posted on: 29th Aug, 2009 12:58 pm
I heard if you are disabled you can get a reverse home mortgage. Is this true?
Posted on: 08th Sep, 2009 02:55 pm
I OWN A HOME IN FLORIDA, I AM 67 YRS OLD, MY MORTGAGE IS 157.000, ATTACHED, 2 BED 2 BATH WITH GARAGE IN A PRIVATE COMMUNITY. MY HOUSE DROPPED IN VALUE, MY MORTGAGE IS MORE THAN MY HOUSE IS WORTH RIGHT NOW, CAN I STILL REVERSE
Posted on: 10th Sep, 2009 05:09 pm
I'm 63. We owe 157,000 on a 400,000 home. Can we get a reverse mortgage?
Posted on: 28th Sep, 2009 09:05 pm
we owe 250,000.00 on our home. 4 years ago it's value was 275,000.00. since then we have done a lot of remodeling and feel the value to be at approximately 300,000.00. my husband is 75 and I am 67. We live in a historic house built in the 1800's in virginia city nevada. can we get a reverse mortgage?
Posted on: 10th Oct, 2009 06:08 am
>>Is there any length of time you must have lived in a primary residence to quality for a reverse mortgage?

There didn't used to be, but now there is - it depends on how the house was obtained. If you got it via an Investor that's flipping homes, you'll need 12 months seasoning. Each scenario under 12 months should be reviewed with your Loan Officer to determine if there are seasoning requirements. If it was a standard traditional sale, most Lenders won't impose a seasoning requirement.

>>he is working in a another state but lives in our home 195 days out of the year would we still be able to do a reverse

Yes. The homeowner must occupy the home at least 183 days per year.

>>I am 64 and my husband is 80, We own are home. It is paid for in full and it's value is 200,000.00. Do you know what kind of money we would qualify for.

Approximately $99,214.00

>>if, at the time we leave due to illness or death, the property will not sell at all - or will not sell for what the mortgage balance is at the time - due to the decreasing value of real estate - and there is not enough money in the estate to pay it off - what happens then?

The Lender will foreclose on the house. If the lender is negative (the house sold for less then what was owed on the Reverse Mortgage) neither the homeowner or the heirs are responsible for the negative amount.

>>I am 71 years of age and my wife is 67. Our home is worth about $600,000.00 We owe $324,000.00.
Are we eligible for a reverse mortgage?

Yes. The Reverse Mortgage will pay off your existing mortgage, includes all loan fees, and leave you with cash out of approximately $8,322.00

>>we live on a farm of 20 acres, zoned residential, we do our taxes as a family farm, we board some horses, does our resident qualify for a reverse mortgage

Only if the farm isnt used to generate income.

>>I'm 65 my husband just turned 62 and still works. Will We still qualify for a reverse mortgage?

Yes

>>I heard if you are disabled you can get a reverse home mortgage. Is this true?

Yes, but you still need to be at least 62

>>I'm 63. We owe 157,000 on a 400,000 home. Can we get a reverse mortgage?

Yes, the Reverse Mortgage will pay off your existing mortgage, includes all loan fees, and leave you with cash out of approximately $48,241.00
Posted on: 10th Oct, 2009 11:04 am
I borrowed against my house to buy one a family member was to pay off. It hasn't happened and I need to keep up loan payments on my house until I can sell the second house I don't want. I don't want to lose my car and my house and a piece of land I'm willing to sell to pay most of the loans. I owe Credit card bills because of the money I've put into making loan payments. I owe taxes, my IRA is gone and I am soooo screwed. Can I borrow against the equity in my house to keep things going until I can sell the second house and the property? My daughter won't need or want my house.

I am 66 and on social security.
Posted on: 22nd Oct, 2009 08:27 pm
Hi Mary,

You can borrow against your property as long as there's equity in it and you qualify for the loan. But the fact that you have too much of debt obligations can influence your chances of getting the loan. If you have too much of debts and you're finding it difficult to make the payments, lenders would to want to offer you loan. Do you mean to take a reverse mortgage? Well, that is a possibility. If there's enough equity in the home and property meets the required criteria, you can surely look for a reverse mortgage and pay off your existing debt obligations.
Posted on: 23rd Oct, 2009 06:08 am
What's the value of your house, Mary? And how much do you owe on it?
Posted on: 23rd Oct, 2009 07:32 am
What are the FHA criteria for a reverse mtge on a condominium?
Posted on: 04th Nov, 2009 10:27 am
That's kinda complicated right now because it's changing, and nobody is really of how it works entirely. Mortgage Letter 2009-19 was released on June 12, 2009, and it's titled "Condominium Approval Process - Single Family Housing". It's comprehensive and seems to leave questions unanswered, so the only thing I know for sure is "if the condomium project is FHA-approved, you have no worries - you can get a Reverse Mortgage". But if it's not FHA-approved, that Mortgagee Letter comes into effect - and each case will be reviewed on an individual basis. It could take awhile.
Posted on: 04th Nov, 2009 10:50 am
That's kinda complicated right now because it's changing, and nobody is really of how it works entirely. Mortgage Letter 2009-19 was released on June 12, 2009, and it's titled "Condominium Approval Process - Single Family Housing". It's comprehensive and seems to leave questions unanswered, so the only thing I know for sure is "if the condomium project is FHA-approved, you have no worries - you can get a Reverse Mortgage". But if it's not FHA-approved, that Mortgagee Letter comes into effect - and each case will be reviewed on an individual basis. It could take awhile.
Posted on: 04th Nov, 2009 10:51 am
My husband and I have a bouble wide however we do not own the site that are house is on we pay a monthly lot fee,My husband is 65 and disable Iam 61 still working looking to retire @ 65, we owe approx, $49,000 on it , $15,000 in credit cards along with Dr. and hospital bills for my husband approx. $1,500. We want to take our deck thats off the kitchen enclose it and enlarge it to make a dinning room can you help us??
Posted on: 06th Nov, 2009 08:46 am
>>can you help us??

A Reverse Mortgage is possible if you have a 99 year lease that's renewable, and your Manufactured Home was built after June 15, 1976.
Posted on: 11th Nov, 2009 09:12 am
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